Transurban’s lacklustre share price and valuable collection of toll roads is raising investor expectations that the infrastructure giant could become a prime target for pension funds chasing big-ticket assets.

The toll road group’s assets are valued at almost $60 billion, and it has long been considered an expensive acquisition target. This has allowed it to remain ASX-listed as its peers – like Sydney Airport, which was sold for $23.6 billion in 2022 – have been taken private.