Sydney's Cross City Tunnel has been bought by toll road owner Transurban for $475 million.
The 2.1 kilometre tunnel connects the west side of Sydney's CBD to Rushcutters Bay in the east, and cost $1 billion to build.
It was placed in receivership in September 2013 in the wake of a legal dispute with the NSW government over stamp duty.
Transurban bought all of the toll road's senior debt in November, and has now struck an agreement with the tunnel's receivers and managers to take control of the road.
The proceeds of the deal will be used to clear the tunnel's senior secured debt.
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The Cross City Tunnel has had a troubled financial run since its opening in 2005.
It was placed into receivership in 2007, before being bought for about $700 million by Royal Bank of Scotland, EISER Infrastructure Partners and Leighton Contractors.
Transurban already owns or part-owns several major toll roads in Sydney - the M2, M5 and M7 motorways, the Lane Cove Tunnel and the Eastern Distributor, which links to the Cross City Tunnel.
