Canada Pension Plan Investment Board (CPP Investments) and OMERS Infrastructure have announced an agreement with Atlas Arteria to sell each of their respective 33.33% indirect stakes in Skyway Concession Company LLC (SCC).
CPP Investments and OMERS Infrastructure first acquired their stakes in 2016, the cost of the acquisition was US$2.013 billion for a controlling stake of 66.67%. The transaction for the sale of indirect shares in SCC is expected to close in Q4 2022.
SCC manages, operates and maintains the Chicago Skyway toll road in the US, under a 99-year concession agreement. The Skyway was built in 1958 to connect the Dan Ryan Expressway to the Indiana Toll Road. 36% of the Skyway's structures are overpasses, the majority of which are located over the Calumet River. Some 50,000 vehicles use the highway daily.