CPP Investments selling Australian toll road assets for $4.5 billion
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TORONTO – Canada Pension Plan Investment Board has signed a deal to sell its Australian toll road assets to Transurban for a total of about $4.5 billion.
The deal includes CPP Investments’ 10.5 per cent stake in WestConnex and its 25 per cent interest in NorthWestern Roads Group, which includes the Westlink M7 and NorthConnex roadways.
James Bryce, head of infrastructure at CPP Investments, says the sale allows the investment manager to realize value from mature assets.
CPP Investments first invested in Westlink M7 in 2010, followed by investments to develop NorthConnex in 2014. It invested in WestConnex in 2018.
The deal will see Transurban increase its interest in NorthWestern Roads Group to 75 per cent and 60.5 per cent for WestConnex.
The transaction is subject to closing conditions, including regulatory approvals.
This report by The Canadian Press was first published Oct. 1, 2026.