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Pennsylvania Turnpike lease largest privatization deal in US history

Spanish company submits winning bid of $12.8 billion.

Pennsylvania Turnpike tollby Paul Nussbaum, Philadelphia Inquirer

May 19, 2008 — A Spanish toll-road operator won the bidding war to operate the Pennsylvania Turnpike, offering $12.8 billion for a 75-year lease, Gov. Rendell said today.

The proposal by Abertis Infraestructuras, of Barcelona, must be approved by the Pennsylvania legislature, and legislative leaders in Harrisburg have said the plan faces tough sledding with lawmakers.

In making the largest bid ever for the private operation of a U.S. toll road, Abertis partnered with a subsidiary of U.S. investment bank Citigroup, and Spanish investment firm Criteria CaixaCorp.

Abertis operates toll roads in Spain, France, Italy, the United Kingdom, Argentina and Puerto Rico. The company also operates airports, telecommunications systems and parking garages. . .

Links and sources
  Spanish firm offers $12.8 billion to lease PA Turnpike, by Paul Nussbaum, Philadelphia Inquirer, May 19, 2008

Posted: May 28, 2008

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