Canada Pension Plan Investment Board (CPP Investments) and OMERS Infrastructure have announced that they have agreed to terms with Atlas Arteria to sell each of their respective 33.33% indirect stakes in Skyway Concession Company LLC (SCC). SCC manages, operates and maintains the Chicago Skyway toll road under a 99-year concession agreement. CPP Investments and OMERS initially acquired their stakes in 2016. The acquisition represents an equity value of US$2.013 billion for the 66.67% majority interest.
Latham & Watkins LLP represents CPP Investments and OMERS Infrastructure in the transaction with a corporate deal team led by Houston partner Justin Stolte, with New York associates Dianna Lee, Karen Song and Saba Yasmin. Advice was also provided on finance matters by Houston partner Catherine Ozdogan, with associate Benjamin Gelfand; on tax matters by New York partners Gregory Hannibal and Eric Kamerman; on environmental matters by Los Angeles/Houston counsel Joshua Marnitz; on regulatory matters by Washington, D.C. partners James Barker and Damara Chambers; on benefits and compensation matters by New York partner Jennifer Pepin, with Chicago associate Samantha Voutyras; on labor matters by Chicago partner Nineveh Alkhas, with associates Laura Waller and Ana Cenaj; on antitrust matters by Washington, D.C. partner Jason Cruise, Washington, D.C. counsel Peter Todaro and Brussels counsel Tomas Nilsson; and on transactional advice by Chicago partner Robin Hulshizer.