OMERS Infrastructure announces sale of interest in Detroit River Tunnel Partnership to Canadian Pacific

October 16, 2020

Torys represented OMERS Infrastructure with a team that included Konata Lake, Na Fan and Sarah Strong (corporate/M&A), Dany Assaf, Christopher Caparelli and Zee Derwa (competition), Andy Gibbons (real estate), Peter Keenan and Chris Saki (tax).

On October 16, 2020, Canadian Pacific ("CP") and OMERS Infrastructure ("OMERS") announced the signing of a purchase agreement whereby CP will acquire full ownership of the Detroit River Rail Tunnel and related assets ("DRTP") from certain affiliates of OMERS for a purchase price of approximately US$312 million, subject to customary closing adjustments.

The transaction is currently expected to close at the end of Q4 2020, subject to customary closing conditions, including regulatory approvals.

Further information can be found on Globe Newswire's website.

DRTP is the owner of the Detroit River Rail Tunnel, a 2.6-kilometre tunnel which passes under the Detroit River between Windsor, Ontario and Detroit, Michigan.

Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts.

OMERS Infrastructure manages investments globally in infrastructure on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada, with net assets of C$109 billion. OMERS diversified portfolio of large-scale infrastructure assets exhibits stability and strong cash flows, in sectors including energy, transportation and government-regulated services.