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Atlas Arteria Agrees to Extiguish Ontario Teachers' Pension Plan's Chicago Skyway Put Option for $100 Million

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Atlas Arteria (ASX:ALX) reached an agreement with Ontario Teachers' Pension Plan to extinguish the latter's put option for the Chicago Skyway in exchange for a settlement payment of $100 million to be paid in two installments over the next six weeks, according to a Monday Australian bourse filing.

Under the Chicago Skyway shareholders agreement, if someone achieves beneficial ownership of greater than 50% of Atlas' securities, Ontario Teachers' Pension Plan has a right to put its 33.33% stake of Chicago Skyway to Atlas Arteria at fair market value plus 7.5%.

Atlas Arteria expects that it would have been required to issue a change of control notice by July 23 after Diamond Infraco 1, a wholly-owned unit of IFM Global Infrastructure Funds, acquired voting power in Atlas of greater than 50%.

Atlas Arteria will also pause its process to explore a potential sale in relation to the Chicago Skyway.

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