Atlas Arteria has agreed to buy a 66.67% interest in the Chicago Skyway toll road in the US from OMERS Infrastructure and Canada Pension Plan Investment Board for A$2.9bn (€1.96bn).
Atlas Arterial said Ontario Teachers’ Pension Plan was retaining its 33.33% interest in Chicago Skyway.
The two exiting investors, who had joined with Ontario Teachers’ in 2015 to buy the toll road for US$2.8bn, each had a 33.3% stake.
The purchase agreement, subject to regulatory approvals, marks a return to Chicago Skyway for Atlas Arteria, which was formerly a part-owner when Atlas Arteria was still known as Macquarie Atlas.
Atlas Arteria’s announcement came after its largest single shareholder, IFM Investors, urged it to drop the bid or face possible legal actions.
When approached, a spokesperson for IFM Investors told IPE Real Assets: “We are disappointed with the decision by Atlas Arteria to proceed with the acquisition of Chicago Skyway, and as a major shareholder we are considering our options.”
Chicago Skyway, constructed in 1958, was operated and maintained by the City of Chicago until 2005 when Skyway Concession Co assumed its operation under a 99-year operating lease.
Earlier owners included Ferrovial, and two Macquarie companies – Macquarie Atlas Road and Macquarie Infrastructure Partners.
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