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Australian company buys bankrupt Toll Road vendor

SOUTH BEND, Ind. (AP) – An Australian company has entered into an agreement to buy the bankrupt company that holds the lease to the Indiana Toll Road.

IFM Investors announced Wednesday it has agreed to pay $5.725 billion to acquire ITR Concession Co., which currently holds the Toll Road lease. ITR declared bankruptcy last year.

The Indiana Finance Authority, which oversees the highway lease, said in a news release it has reviewed the bid and is satisfied IFM can meet the responsibilities of leasing the 157-mile-long highway.

IFM head of Infrastructure-North America Julio Garcia said IFM believes the purchase “is a unique opportunity to invest in a high quality United States transportation infrastructure asset.”