CDPQ’s Acquisition of 15% Interest in the Indiana Toll Road

Milbank LLP advised Caisse de dépôt et placement du Québec on the deal.

IFM Investors (“IFM”) and Caisse de dépôt et placement du Québec (“CDPQ”), a global investment group, announced that CDPQ has acquired a 15% interest in the Indiana Toll Road (“ITR”) from a subsidiary of the IFM Global Infrastructure Fund (“IFM GIF”). Following completion of the sale, IFM GIF continues to own more than 70% of ITR.

The Indiana Toll Road is a 157-mile (252 km), limited access, divided highway in the state of Indiana which is operated and maintained under a Concession and Lease Agreement with the Indiana Finance Authority (“IFA”). The road spans northern Indiana, from its border with Ohio to the Illinois state line near Chicago, feeding directly into two toll roads at the state lines – the Chicago Skyway in the west and the Ohio Turnpike in the east. Since IFM’s acquisition in 2015, ITR has successfully undergone the largest capital improvements to its roadway and structures since its original construction (Project “PUSH” or “Pavement Upgrade for a Superior Highway”). The Concession and Lease Agreement grants the concessionaire the exclusive right to collect toll and other revenues from the toll road for the next 60 years.

CDPQ and IFM Investors share similar objectives, having invested together across geographies in sectors such as ports, roads and energy.

The Milbank deal team was led by Global Corporate partners John Franchini (Picture) and Bob Kennedy, along with senior associate Gabrielle DiBernardi and associate Jennifer Lang. The Global Project, Energy and Infrastructure Finance team was led by partner Allan Marks, along with senior associate Sean O’Neill and associate Anya Andreeva. The team also included Tax partner Max Goodman and associate Michael Rivkin.




Involved fees earner: Anya Andreeva – Milbank; Gabrielle DiBernardi – Milbank; John Franchini – Milbank; Max Goodman – Milbank; Robert Kennedy – Milbank; Jennifer Lang – Milbank; Allan Marks – Milbank; Sean O’Neill – Milbank; Michael Rivkin – Milbank;

Law Firms: Milbank;

Clients: Caisse de dépôt et placement du Québec (CDPQ);

Author: Martina Bellini