Spanish firm offers $12.8 billion to lease Pa. Turnpike- by Paul Nusbaum
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.
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