In the largest toll road lease deal to date, Pennsylvania Gov. Edward Rendell will need to gain legislative approval for the $12.8 billion, 75-year concession before the state can collect Citi and Abertis Infraestructuras' up-front payment.

The governor yesterday announced that the consortium beat out two other bidders for the management rights on the state's 530-mile roadway. Along with the $12.8 billion offer from Citi and Abertis, the Turnpike brought in a $12.1 billion joint offer from Goldman, Sachs & Co. and Transurban Group and an $8.1 billion joint bid from Macquarie Infrastructure Group of Australia and Cintra Concesiones de Infraestructuras de Transporte SA of Spain.

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