Canada Pension to Buy 10% of Toronto’s 407 Toll Road

Canada Pension Plan Investment Board agreed to buy an additional 10 percent stake in the 407 Express Toll Route near Toronto for C$894 million ($879 million) from Ferrovial SA of Spain.

Canada Pension’s purchase from Madrid-based Ferrovial’s Cintra Infraestructuras unit comes almost six weeks after the Toronto-based fund agreed to a A$3.44 billion ($3.34 billion) takeover of Intoll Group, which owns 30 percent of the road. Canada Pension will own 40 percent of the highway when both deals close.