Updated with correction
Caisse de Depot et Placement du Quebec, Montreal, agreed to acquire a combined 49% equity stake in four Mexican toll highways, including the Acapulco Tunnel, from Mexican infrastructure manager Empresas ICA for 3.01 billion pesos ($203 million).
Empresas ICA will hold the remaining 51% stake, according to news releases from Caisse and Empresas ICA.
Along with the Acapulco Tunnel, the joint venture will include the Mayab Tollroad, which connects Cancun and Merida; the Rio Verde-Ciudad Valles Highway in San Luis Potosi state; and the La Piedad Bypass in Michoacan state.
The deal, expected to close sometime this quarter, comes just more than a month after the March 4 announcement that Caisse would acquire a 30% stake in Eurostar International, the high-speed rail line between London and Paris and Brussels. That acquisition is being made as part of a consortium with a group of U.K pension funds, which will hold a combined 10% through Hermes Infrastructure.
Caisse, which manages C$226 billion ($181.2 billion) in Quebec pension and other assets, had C$10 billion invested in infrastructure investments as of Dec. 31.
Officials at Caisse could not provide further details by press time.