Citigroup-Albertis wins right to lease Pennsylvania Turnpike

A group led by Citigroup and Spanish toll road operator Abertis Infraestructuras SA won the right Monday to lease the Pennsylvania Turnpike, with a bid of about $12.8 billion.

Gov. Ed Rendell has been advocating leasing the turnpike as a means of funding mass transit and much-needed bridge and road repairs in the state.

Rendell has touted the lease as an alternative to Act 44, legislation he signed 10 months ago that includes converting Interstate 80 into a toll road. The federal government has not approved the introduction of that toll, which has garnered strong opposition.

The lease would run for 75 years, and the $12.8 billion bid is for the life of the agreement.

"Seems like a slam dunk," Rendell said of the lease agreement.

Pittsburg Biz Journal