April 19, 2021

Milbank Advises CDPQ on Successful Joint Venture of the Indiana Toll Road


Milbank advised Caisse de dépôt et placement du Québec (“CDPQ”) in connection with the acquisition of a 15% interest in the Indiana Toll Road (“ITR”) from IFM Global Infrastructure Fund (together with its affiliates, “IFM”). Immediately following the completion of the sale, IFM will continue to own more than 70% of ITR.

The Indiana Toll Road is a 157-mile, 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. 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. 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.

The Milbank deal team was led by Global Corporate partners John Franchini 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.

“We are pleased to have supported CDPQ in its investment into ITR, which it will now own together with its controlling partner IFM, among other investors. ITR is a marquee infrastructure asset and we are pleased to see its ownership base expand to include CDPQ,” said Mr. Franchini.