Qld Motorways sneaks home

DataRoom: Just $10m separated top bid from nearest rival in RiverCity sale.

Queensland Motorways beat out infrastructure investor Access Capital Advisers and Macquarie Group (MQG) by less than $10 million to win the auction of bankrupt toll road operator RiverCity Motorway Group (RCY) by agreeing to pay its receiver KordaMentha $618 million.

That price includes $33 million for taxes and other costs, giving a value of RiverCity as an asset of $585 million -- considerably lower than the price its distressed debt was trading at that gave the company a value of about $750 million.

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