Spanish firm bids $13B for Pennsylvania Turnpike

05/21/2008 | Australian (tiered subscription model), The

A Spanish firm backed by New York-based Citigroup has emerged as the high bidder for a 75-year contract to operate the Pennsylvania Turnpike. Albertis Infrastructure is offering almost $13 billion to collect tolls on the roadway, which carries 447,000 vehicles a day. Though Gov. Ed Rendell calls the project a "slam dunk" because it will generate more than $1 billion a year for Pennsylvania roads, some state legislators say the offer is "less than overwhelming."

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Australian (tiered subscription model), The

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