Atlas Arteria (ALX), a former Macquarie entity, has confirmed that it is participating in the sale process for the Chicago Skyway toll road, after recent media speculation brought the transaction into the headlines.
Built by the City of Chicago in 1958, the Chicago Skyway Toll Bridge is a 7.8-mile-long toll road that connects the Indiana Toll Road to the Dan Ryan Expressway on Chicago's South Side. The main feature of the Skyway is a half-mile-long steel truss bridge, which spans the Calumet River and Calumet Harbor — a major harbor for industrial ships.
ALX is one of several bidders competing for a majority stake in the skyway. IFM Investors, which owns nearly 20 percent of ALX, wrote to the toll road group’s chairman, saying it wanted ALX to pull out of the bidding process, according to the Australian Financial Review. The firm said the purchase of the toll road by ALX would be “significantly value destructive” and dilute the dividends paid to shareh