Transurban to buy Cross City Tunnel

Preferred bidder enters agreement to acquire tunnel, reduce CCT's debt.

Transurban Group (TCL) has announced it has entered into an agreement to acquire Sydney's troubled Cross City Tunnel for approximately $475 million.

The news follows the announcement last month that toll road owner Transurban was the preferred bidder for the business.

The tunnel was placed in receivership in September 2013 in the wake of a legal dispute with the NSW government over stamp duty.

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