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Three Canada pension funds to buy Chicago toll road for $2.8 bln

Published 2015-11-13, 01:04 p/m
© Reuters. Three Canada pension funds to buy Chicago toll road for $2.8 bln

TORONTO, Nov 13 (Reuters) - Three of Canada's largest
pension fund managers said on Friday that they have agreed to
acquire Skyway Concession Company LLC (SCC), which manages,
operates and maintains the Chicago Skyway toll road, for a sum
of $2.8 billion.
The three funds, the Canada Pension Plan Investment Board;
OMERS; and the Ontario Teachers' Pension Plan, will each own a
33.33 percent interest in the asset that is being by SCC under a
concession agreement that runs until 2104.
Each of the three Toronto-based pension fund managers will
contribute an equity investment of about $512 million toward the
deal that remains subject to regulatory approvals.
The Chicago Skyway, a 7.8-mile toll road is the only toll
highway in the state of Illinois not operated by the Illinois
Toll Highway Authority. SCC was awarded operation rights on the
toll road in January 2005 for $1.83 billion.
"Skyway represents a rare opportunity for us to invest in a
mature and significant toll road of this size in the U.S.," said
Cressida Hogg, CPPIB's head of Infrastructure, in a statement.

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