IFM Investors secures majority stake in Atlas Arteria

• IFM Investors has secured more than 60% ownership of Atlas Arteria as its $7.4 billion takeover bid nears completion.
• The acquisition triggered a dispute over a $145 million settlement paid to the Ontario Teachers' Pension Plan regarding control of the Chicago Skyway.
• The investment group intends to conduct a full strategic review of the toll road company and address its upcoming leadership transition.

IFM Investors has secured a stake of well above 60% in Atlas Arteria (ASX:ALX) following a $5.10 per share.

The toll road company’s board had continued to urge shareholders to reject the proposal before the scheduled closing time on July 7.

The global investment group stated that deriving more value from the Chicago Skyway toll road through management changes will be a primary strategic priority.

The secondary details of the transaction involved Atlas Arteria paying Ontario Teachers' Pension Plan $145 million to scrap a change-of-control provision linked to the asset.

Following the announcement, the Atlas Arteria share price was unchanged at $5.10.

IFM Investors already owns the connecting Indiana Toll Road and has invested more than $870 million into that infrastructure asset over the past decade.

The toll road group is also managing an upcoming leadership transition as current chairwoman Debbie Goodin prepares to step down from her role.