Transurban said on 1 October 2026 it will pay about A$4.5bn (roughly US$3.1bn) to acquire CPP Investments' minority holdings in the Westlink M7, NorthConnex and WestConnex toll roads.
Why Transurban is buying CPP Investments' stakes in Sydney toll roads (M7/NorthConnex, WestConnex)
The purchase consolidates Transurban's control of core Sydney assets it already operates. The company pointed to the addition of the M5 West to the WestConnex concession and the future opening of the Western Harbour Tunnel as drivers of later free-cash-flow growth.
Deal terms and financing
Transurban is buying CPP's 25% interest in NorthWestern Roads Group and its 10.5% interest in Sydney Transport Partners for cash, including stamp duty. The deal is initially funded from committed debt facilities to be refinanced later, and Transurban said it does not expect an impact on FY27 free cash or distributions or on its credit ratings.
Regulatory approvals and timing
Completion requires conditions including ACCC approval, with closing expected during 2027.
Market context
CPP first invested in the M7 in 2010, funded NorthConnex in 2014 and joined WestConnex in 2018. Toll prices are unaffected because the deal only changes the ownership split.
