Cintra, the highways division of Spanish group Ferrovial, has sold a 55% stake in the Chicago Skyway to consortium Calumet Concession Partners.
Calumet Concession is comprised of three Canadian pension firms: OMERS, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan.
Ferrovial’s concession partners, Macquarie Atlas Roads and Macquarie Infrastructure Partners, also reached an agreement to sell their combined 45% stake in the concession.
Ferrovial will earn about $270m out of the $2.8bn deal.
The Chicago Skyway Concession was awarded to Ferrovial and its concession partners for $1.8bn in January 2005 for a term of 99 years.
The concession was the first privatization of a highway in the US.
Image via Ferrovial