Canada Pension Plan Investment Board, Toronto, entered into an agreement to acquire minority stakes in five major Chilean toll roads from the Atlantia Group, confirmed spokeswoman Linda Sims.
CPPIB will commit C$1.14 billion (US$1.15 billion) to acquire a 49.99% interest in Grupo Costanera, Chile's largest toll road operator which is owned by Atlantia Group. Atlantia Group, an international toll company based in Rome, will own the remaining 50.01%.
The C$152.8 billion plan had C$8.6 billion of its assets in an infrastructure portfolio as of Dec. 31. In February, CPPIB invested C$737 million in the Gassled Joint Venture, which owns the majority of the gas transport infrastructure on the Norwegian continental shelf. The investment was part of a C$3.18 billion consortium acquisition of a 24.1% stake in the venture.
“With a long-term investment horizon, and the internal expertise to deploy capital in complicated transactions, CPPIB is one of only a few global institutional investors that is able to complete a transaction of this size and complexity,” said Andre Bourbonnais, senior vice president, private investments, in a news release.
Mr. Bourbonnais was not available for an interview.