Group of Canadian pension funds buy Chicago toll road for US$2.8 billion
Posted Nov 13, 2015 04:00:59 PM.
Last Updated Nov 13, 2015 04:45:40 PM.
This article is more than 5 years old.
TORONTO – A group of three Canadian pension funds have signed a deal to buy the company that operates the Chicago Skyway toll road for US$2.8 billion.
The Canada Pension Plan Investment Board, OMERS and Ontario Teachers’ Pension Plan will each hold a one-third stake in Skyway Concession Co. LLC, which runs the toll road under a concession agreement that lasts until 2104.
The Skyway runs 12.5 kilometres and connects the Dan Ryan Expressway to the Indiana Toll Road.
Skyway Concession, owned by Cintra Concesiones de Infraestructuras de Transporte S.A. and Macquarie Atlas Roads and Macquarie Infrastructure Partners, took over operations of the toll road in 2005 under a 99-year deal for US$1.83 billion.
The company is responsible for all operating and maintenance costs of the Skyway, but has the right to all toll and concession revenue.
The deal is subject to regulatory approvals and customary closing conditions.
