Transurban (ASX:TCL) has agreed to acquire Canada Pension Plan Investment Board's stakes in three major Sydney toll-road assets for about A$4.5 billion ($3.13 billion). The deal covers CPP Investments' 25% interest in NorthWestern Roads Group, which comprises Westlink M7 and NorthConnex, and its 10.5% interest in WestConnex. Transurban's ownership would rise to 75% of NWRG and 60.5% of Sydney Transport Partners, the operator of WestConnex. The acquisition will be funded through new committed debt facilities, with no equity raising required, and Transurban does not expect it to affect FY27 free cash flow or distributions. The transaction would extend the weighted average concession life of the relevant assets, whose concessions run as long as 2060, while leaving tolls and motorists' day-to-day experience unchanged. Completion remains subject to regulatory conditions, including ACCC (Australian competition regulator) approval, and is expected during calendar 2027. The final valuation will be set as of March 31, 2027.