3/7/2007Toll Road Giant Buys Firm from Presidential Candidate
Australian toll road giant Macquarie Bank buys firm from presidential candidate Rudy Giuliani.
After snapping up local newspapers in Texas critical of a multi-billion dollar toll road proposal, Australia's Macquarie Bank is seeking favor from a leading presidential candidate. The toll road giant announced on Monday that it would purchase Giuliani Capital Advisors LLC, a company founded in December 2004 by Republican presidential hopeful Rudy Giuliani.
Giuliani's firm provides consulting and investment banking services for companies that find themselves in financial trouble. The firm has helped a number of corporations merge, restructure or complete bankruptcy proceedings.
"We are putting together a great team of seasoned executives from the financial community to work closely with business leaders on critical transaction issues," Giuliani said in his statement upon forming the company.
Although no details have been announced, the New York Times reports that experts estimate that Macquarie paid $70-90 million more than the Giuliani Capital Advisors had been worth when established in 2004.
Macquarie has invested billions in purchasing roads in the US, Canada and UK, but the drive for tolls has sparked political resistance. In Texas, legislation is pending that would restrict the spread of toll roads in the state. Many cite the controversial 75-year lease of the 157-mile Indiana Toll Road to Macquarie and Spain's Cintra as a primary reason Republicans lost control of the state House in November.