/R E P E A T -- CDPQ acquires 50% of Montréal's A25 Concession from Transurban/

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Feb 07, 2023, 06:01 ET

The A25 Concession is a critical 7.2 km toll road and bridge network serving Greater Montréal and its residents
With this transaction, the A25 will for the first time count a Quebec group among its shareholders

MONTRÉAL, Feb. 6, 2023 /PRNewswire/ - CDPQ, a global investment group, today announced it has reached an agreement with Transurban for the acquisition of a 50% interest in the A25 Concession, a 7.2 km toll road and bridge network which serves as a vital component of the Greater Montréal transportation network.

The transaction, valued at $355 million, allows CDPQ to acquire a high-quality asset that plays a central role in the transportation of residents of Greater Montréal, as well as for the movement of merchandise in Québec and Eastern Canada. With a 50% stake, the CDPQ will have co-control of the A25 Concession. This is the second major partnership between CDPQ and Transurban, one of the world's largest operators in the sector, following CDPQ's 2021 investment in WestConnex, Australia's largest road infrastructure project.

Serving north-eastern Montréal and eastern Laval, this toll road is notable for its sustainable approach, offering faster and more efficient routes by car, public transit, bicycle and foot.

Emmanuel Jaclot, CDPQ's Executive Vice-President and Head of Infrastructure, said: "The A25 plays an essential role for many residents of Greater Montréal, providing faster routes, easing congestion on other arteries and facilitating public transit between Montréal and the North Shore. With this investment, CDPQ is excited to play a structuring role in the mobility of people and goods in Québec, and we look forward to working with Transurban to ensure the best possible experience for users of A25."

Transurban Chief Executive Officer, Scott Charlton, added: "This is the second partnership between Transurban and CDPQ since the recent WestConnex transaction. We have found them to be a constructive, knowledgeable and collaborative partner and we are excited to continue the excellent working relationship. Both parties are aligned on the long-term aspirations for the North American market, and we look forward to pursuing new opportunities together."

A25 customers will not be affected by the transaction. Payment methods and customer support channels such as the website and service centre will continue to operate as usual, as will the Government of Québec's free toll measures for electric vehicle owners.

Financial close is expected by March 31st, subject to customary closing conditions and relevant consents and approvals.

ABOUT CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2022, CDPQ's net assets totalled CAD 391.6 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.

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SOURCE CDPQ