New South Wales is understood to have shortlisted three leading consortia for the sale of a 51% stake in Sydney Motorway Corporation, the company delivering WestConnex.
Sources familiar confirmed bid teams for Transurban, Netflow and IFM Investors were notified they had been shortlisted on Tuesday (13 March).
It is understood IFM Investors has entered the auction alone, but may look to partner with other investors to help fund its bid.
NSW Treasury is running the sale on behalf of the government and declined to comment, as did spokespeople for Transurban, Netflow and IFM Investors.
Shortlisted bidders can expect to be mailed so-called “process letters” in two weeks’ time, outlining when they will get access to a data room and meet with management, one of the sources said.
The sources said they expected the sale to be finalised by the middle of the year.