The Wizards From Oz

Who are those Aussies who are going around building, buying and investing in U.S. highways? The Wall Street Journal today (paid subscription) profiles Macquarie Bank, the Sydney-based investment bank that has become a major player in transportation finance, seemingly overnight.

Macquarie is the company that signed a $1.8 billion lease with Chicago last year to run the Chicago Skyway toll road. Macquarie recently purchased the Dulles Greenway toll road in Virginia for $533 million, and is building a 12-mile toll road in San Diego.

Other states, including Indiana and Delaware, are said to be pursuing such privatization deals. If they want to talk to the Aussies, it sounds like it's not too tough to find them. According to the Journal, "On a given day, Macquarie Bank has a dozen bankers roaming the U.S. in search of deals."