CPPIB, OMERS Infrastructure to sell Chicago Skyway stakes for $2bn

Chicago Skyway is a 7.8-mile toll road that forms a link between downtown Chicago and its south-eastern suburbs.

  • CPP Investments and OMERS initially acquired their stakes in 2016
  • The acquisition represents a value of $2.013 billion for the combined 66.67 percent majority stake
  • Chicago Skyway is a 7.8-mile toll road that forms a link between downtown Chicago and its south-eastern suburbs

Canada Pension Plan Investment Board and OMERS Infrastructure are selling their interests in Skyway Concession Company, the owner of the Chicago Skyway toll road.

The acquisition represents a value of $2.013 billion for the combined 66.67 percent majority stake.

Chicago Skyway is a 7.8-mile toll road that forms a link between downtown Chicago and its south-eastern suburbs. CPP Investments and OMERS initially acquired their stakes in the toll road’s owner in 2016.

On the transaction, Scott Lawrence, managing director, head of infrastructure of CPP Investments, said in a statement: “We would like to commend SCC’s management team and its partners and stakeholders who have enhanced Skyway, and positioned it to play a key role in keeping the flow of people and goods moving efficiently in the Chicago area. We are proud that our successful investment in SCC has delivered value to CPP’s contributors and beneficiaries.”

Gisele Everett, Senior Managing Director and Head of Americas, OMERS Infrastructure, said: “We have maintained OMERS stake in SCC for over five years, during which time the company has proved to be a strong and resilient asset that plays a key role in keeping Chicago connected and mobile. We would like to thank all the stakeholders we have worked with, and wish Skyway’s staff, management and new investors well as the company enters its next phase.”

The deal is expected to close in the fourth quarter.

Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. As per June 30, 2022, the fund totaled C$523 billion.

OMERS Infrastructure manages investments globally in infrastructure on behalf of OMERS, a defined benefit pension plan for municipal employees in the Province of Ontario, Canada, and third-party investors through its Strategic Partnership Program. OMERS Infrastructure currently has approximately C$32 billion in assets under management.