Is the ASX 200 giant looking to add VicRoads’ registry segment to its portfolio.
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The Macquarie Group Ltd (ASX: MQG) share price is in the green today amid reports it’s a top contender for VicRoads’ registration, licensing, and custom plates services.
Expressions of interest for the registry segment of VicRoads – part of Victoria’s Department of Transport – opened last week and, rumour has it, Macquarie has put its hat in the ring.
Right now, the Macquarie share price is $172.56, 0.37% higher than its previous close.
Let’s take a closer look at today’s news of the banking, advisory, and investment management company.
Is Macquarie bidding for VicRoads?
The Victorian Government announced its plans to integrate a joint venture model into VicRoads in March.
The joint venture would see a private company taking over the body’s registration, licensing, and custom plates services.
The Macquarie share price is gaining as reports swirl that it has a good chance of winning VicRoads’ registry segment.
According to the Victorian Government, the privatisation of the registry segment would provide a more user-friendly and cost-effective service. It will also allow the government to continue to control prices, road access, and safety without affecting jobs at VicRoads.
The state’s government will also keep ownership of motorists’ data and protect their privacy. It noted it is looking for a joint venture partner that is “an established, mature and trusted provider”.
On that end, The Australian has reported some circles expect Macquarie Infrastructure and Real Assets to win the bid.
Macquarie’s major competitor for the contract is said to be asset manager Morrison & Co.
The publication also claims VicRoad’s new partner will be paying $2 billion for the privilege and the successful bidder won’t be decided upon until 2022.
Expressions of interest for VicRoad’s registry division will close on 18 October. The sale is being overseen by Morgan Stanley.
Macquarie share price snapshot
The Macquarie share price has gained 23% year to date.
It is also 44% higher than it was this time last year.
The company has a market capitalisation of around $63.4 billion.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.