Transurban buys AirportlinkM7

Transurban is expanding its Queensland network, but is paying a high price to do so.

We were left scratching our heads after Transurban spent a cool $7.1bn to buy Queensland Motorways early last year (see Transurban takes on Queensland). The purchase price of 29 times the network’s earnings before interest, tax, depreciation and amortisation (EBITDA) seemed exorbitant, even for a high-quality asset.

The company’s latest foray into the Sunshine State seems equally stretched. Transurban has announced an agreement to purchase Brisbane’s AirportlinkM7 toll road for $1.9bn, plus $131m of additional stamp duty and transaction costs.

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