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The Queensland government says it will sell a $1.5 billion stake in QR National (ASX:QRN).



Under the terms of the deal, the government will sell $1 billion of shares via a selective buyback to QR National and a further $500 million to a small group of cornerstone investors.



The sale will see the government’s stake reduced to16 per cent from 33.9 per cent remaining a significant shareholder.



The government said last month it planned to sell it share in the rail freight company next year, as it geared towards reducing its debt figures.



The $1.5 billion sell-off represented a gain of about $400 million to the state’s bottom line.

 

QR National posted a net profit of $440.9 million in the 2012 financial year.