- Ferrovial, the principal investor in the concession, sold its 55 percent stake in its oldest concession in the American market.
- The sale will return approximately 269 million dollars (roughly 249 million euros) to Ferrovial.
- The new consortium is expected to continue operations of the Chicago Skyway as usual, with no impact to the driving public.
- The other concession partners will also sell their stake.
Ferrovial, through its highway division, Cintra, has reached an agreement with Calumet Concession Partners LLC, a consortium comprised of three Canadian pension firms, OMERS, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan for the transfer of its 55 percent stake in the Chicago Skyway. Ferrovial’s concession partners, Macquarie Atlas Roads and Macquarie Infrastructure Partners, also reached an agreement to sell their combined 45 percent stake in the concession. The total transaction is valued at 2.836 billion dollars (approximately 2.623 billion euros).
The new consortium is expected to continue operations of the Chicago Skyway as usual, with no impact to the driving public.
The transaction is expected to close once it receives necessary approvals from the City of Chicago and other public entities. The sale process began on June 21, 2015. The sale will return approximately 269 million dollars (roughly 249 million euros) to Ferrovial.
The Chicago Skyway Concession was awarded to Ferrovial and its concession partners for 1.83 billion dollars (1.692 billion euros) in January 2005 for a term of 99 years. The concession was the first privatization of a highway in the United States. Ferrovial, through its subsidiary Cintra, operates five other concessions in the United States, representing a total investment of more than 7.3 billion dollars (6.7 billion euros).
Cintra is a worldwide leader in the promotion of private investment in infrastructure, both in number of projects and volume of investment. The company currently manages approximately 1,300 miles (roughly 2,000 kilometers) of highway across 28 concession in Canada, the U.S., Europe, Australia and Colombia. Cintra, with a 43.23 percent stake, is the largest shareholder in the 407 ETR concession in Ontario, Canada.