NSW Treasury – NSW Govt launches WestConnex sale process

NSW Treasury

The NSW Government today launched the sale process for its remaining 49 per cent stake in WestConnex, inviting interested parties to register their interest in an initial 24.5 per cent stake in the first of a two-tranche process designed to maximise competition.

The Registration of Interest (ROI) for the first 24.5 per cent stake (Tranche 1) will be followed by an Expression of Interest (EOI) phase, with the formal bid process due to begin in the second quarter of 2021.

The sale process has been designed to deliver a competitive process to achieve the best result for the people of NSW.

The State will offer a capital commitment fee which, subject to conditions including regulatory approvals, will compensate the underbidder in Tranche 1 for participating in the transaction and funding a binding bid.

Sydney Transport Partners (STP), which purchased a 51 per cent stake in WestConnex in 2018 and has a right of first offer for any of the Government’s 49 per cent stake, will have the opportunity to submit an offer for Tranche 1 at the same time as other investors.

The State also intends to commence a process for the sale of the remaining 24.5 per cent stake (Tranche 2). This may result in the State selling Tranche 2 to STP or interested parties through a subsequent competitive bid process.

The NSW Government has a very strong track record of asset recycling, which has enabled it to invest more than $100 billion over four years to build and upgrade schools, hospitals, public transport and roads right across NSW.

/Public Release.