Transport provider buys RiverCity

DataRoom: Queensland Motorways pays $618m for Clem Jones Tunnel, will now turn its attention to buying BrisConnections.

Queensland Motorways is the new owner of RiverCity Motorway Group (RCY) after it agreed to pay $618 million for the company that controls the 6.8 kilometre Clem Jones Tunnel running under the Brisbane River.

RiverCity collapsed under the weight of debt in 2011 after toll revenue were one third of forecasts. The sale of RiverCity is expected to be completed within four months.

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