Australia’s competition watchdog has cleared a Transurban-led consortium to be considered for a 51% stake acquisition in Sydney’s AUD16.8bn (€10.47bn) WestConnex toll road project.

The Australian Competition & Consumer Commission (ACCC) said it would not oppose the Sydney Transport Partners’ (STP) consortium that includes AustralianSuper, Canadian Pension Plan Investment Board and the Abu Dhabi Investment Authority.

As reported last month, Transurban led STP’s bid for a majority stake in the toll road. The NSW Government had earlier received a bid from IFM Investors, which is backed by the Dutch pension fund APG, and Canadian pension fund OMERS.

The NSW Government plans to retain a 49% stake in WestConnex. 

In its decision today, the ACCC said: “Sydney Transport Partners’ proposed acquisition of the majority interest in the WestConnex project won’t be opposed by the ACCC following the acceptance of court-enforceable undertakings.”

A decision on the winning bidder is now imminent.