The Caisse de dépôt et placement du Québec is teaming with Mexico’s largest infrastructure company, Empresas ICA, by investing $268 million in a joint venture that will initially operate four highway highway toll systems. The Quebec pension fund manager, which is seeking to expand its international investments, will own 49 per cent of the new entity through the investment.

Empresas ICA, a construction firm that builds and owns infrastructure assets including airports, toll roads, water systems and real estate, will see its ownership shrink to 51 per cent while using the proceeds of the Caisse investment to pay down debt. The assets include a tunnel in Acapulco, the Mayab toll road, the Rio Verde-Ciudad Valles Highway and La Piedad bypass.

The Caisse has a large stake in Montreal-based SNC-Lavalin.

Mexico Infrastructure Projects Forum 2015 in Monterrey Nuevo Leon