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Australian Firm Defies Top Investor, Buys Chicago Skyway Stake From Canada Pensions

  • Australian firm to buy two-thirds stake in major toll road
  • IFM says deal is potentially dilutive to distributions
Photo: Karen Bleier/AFP/Getty Images

Photo: Karen Bleier/AFP/Getty Images

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Atlas Arteria Ltd. agreed to buy a $2 billion stake in the Chicago Skyway toll road despite strong opposition from the Australian company’s biggest shareholder.

Canada Pension Plan Investment Board and OMERS Infrastructure sold their respective one-third stakes in the 12.5 kilometer (7.8 mile) road linking downtown Chicago to its south-eastern suburbs. The deal forms a venture with Ontario Teachers’ Pension Plan, which will retain a one-third interest, according to a statement Tuesday.