The sale of the Indiana Toll Road (ITR) lease for $5.725 billion to a large Australian infrastructure fund on March 11 has sent shivers of anticipation through the global privatization community. Here finally is a large, long-term, GDP-linked investment opportunity in the largest economy in the world—and in a state whose economy is surging. The targeted return on equity, $3.2 billion (57%), is said to be about 10%, apparently enough to keep the fund’s nonprofit investors happy.
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