Canadian Firm Acquires Interest in Indiana Toll Road
(photo courtesy of the Indiana Toll Road)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA Canadian global investment group has acquired a 15% interest in operating control of the Indiana Toll Road, stretching from Illinois to Ohio.
Caisse de dépôt et placement du Québec has entered into an agreement for the minority controlling interest from IFM Global Infrastructure Fund for an undisclosed amount.
Australia-based IFM Investors acquired the 157-mile highway in 2015 for nearly $6 billion from a previous operating company that went bankrupt.
IFM has a multi-year Concession and Lease Agreement with the Indiana Finance Authority. Under the agreement, concessionaires have the exclusive right to collect tolls and other revenue from the toll road.
In 2006, a consortium made up of companies from Spain and Australia submitted a winning bid to operate the road as the Indiana Toll Road Concession Co. The firm filed for bankruptcy in 2014, citing lower than projected traffic volumes and revenue.