Turnpike Lease Details

Details from the Governor's announcement on the winning bid for a Turnpike lease. The complete concession agreement (686 pages) is here.

• Top Bid: $12.8 Billion
• Winning Bidder: Abertis/Citi Infrastructure Investors



• Highest Bid on Monday was $11.26—Best and Final offer on Friday represented $1.5 billion increase
• Money will be invested with SERS fund
• Expected to generate $1.1 Billion annually.



• No tolls on I-80
• Limited Toll increases
• Same level of capital investment on Turnpike as current plans
• Must hire unionized Turnpike workers at current pay for life of current labor contract

This compares with a $5.3 billion implicit bid, or $450 million annually, by the Turnpike Commission under Act 44 for the Turnpike alone.