KEY POINTS:
Transurban Group has agreed to buy Sydney Roads Group, which operates three highways in Sydney, for as much as A$1.26 billion ($1.43 billion) in stock to become the nation's biggest owner of toll roads.
Transurban will pay one share for every 5.7 Sydney Roads shares.
The bid values Sydney Roads at A$1.35 each, a 16 per cent premium to its closing share price on Tuesday.
Transurban will now control most of the major motorways that ring Sydney, adding about A$800,000 in toll revenue a day.
- AGENCIES
