La Caisse Becomes the Sole Owner of the A25 Concession
Global investment group La Caisse today announced it has entered into an agreement to acquire Transurban’s remaining 50% interest in the A25 Concession, bringing its ownership from 50% to 100% and making it the sole owner of this strategic asset. The equity investment is CAD 280 million. This transaction follows La Caisse’s initial investment in 2023, when it acquired a 50% stake from Transurban in the A25 Concession, a 7.2‑km link consisting of a highway and toll bridge that plays a key role in Greater Montréal’s transportation network.
Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse, said: “By becoming sole owner, La Caisse strengthens its position in a Québec asset it knows well, while gaining greater flexibility in its management. As one of only two public-private partnership toll roads in Québec, the A25 Concession plays an important role in mobility across Greater Montréal by connecting the east end of Montréal to fast-growing economic areas on the North Shore.”
Following the transaction, Plenary Americas, a La Caisse portfolio company, will support the asset’s day to day operations. Plenary Americas is a recognized developer, manager and operator of infrastructure assets, particularly in public-private partnership models. It operates multiple road assets across North America and brings strong expertise in managing complex partnerships and specialized subcontractors.
A25 customers will not be affected by the transaction. Payment methods and customer support channels, including the website and service centre, will continue to operate as usual.
ABOUT LA CAISSE
For more than 60 years, La Caisse has invested with a dual mandate: generate optimal long-term returns for its 48 depositors, who represent over six million Quebecers, while contributing to Québec’s economic development.
As a global investment group, La Caisse is active in major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2025, its net assets totalled CAD 517 billion. Learn more at LaCaisse.com, LinkedIn and Instagram.
No big surprise here, go back to the February 2023 press release when La Caisse (formerly known as CDPQ) announced it was taking a 50% stake in the A25 Concession from Transurban:
CDPQ, a global investment group, today announced it has reached an agreement with Transurban for the acquisition of a 50% interest in the A25 Concession, a 7.2 km toll road and bridge network which serves as a vital component of the Greater Montréal transportation network.
The transaction, valued at $355 million, allows CDPQ to acquire a high-quality asset that plays a central role in the transportation of residents of Greater Montréal, as well as for the movement of merchandise in Québec and Eastern Canada. With a 50% stake, the CDPQ will have co-control of the A25 Concession. This is the second major partnership between CDPQ and Transurban, one of the world’s largest operators in the sector, following CDPQ’s 2021 investment in WestConnex, Australia’s largest road infrastructure project.
Serving north-eastern Montréal and eastern Laval, this toll road is notable for its sustainable approach, offering faster and more efficient routes by car, public transit, bicycle and foot.
Emmanuel Jaclot, CDPQ’s Executive Vice-President and Head of Infrastructure, said: “The A25 plays an essential role for many residents of Greater Montréal, providing faster routes, easing congestion on other arteries and facilitating public transit between Montréal and the North Shore. With this investment, CDPQ is excited to play a structuring role in the mobility of people and goods in Québec, and we look forward to working with Transurban to ensure the best possible experience for users of A25.”
Transurban Chief Executive Officer, Scott Charlton, added: “This is the second partnership between Transurban and CDPQ since the recent WestConnex transaction. We have found them to be a constructive, knowledgeable and collaborative partner and we are excited to continue the excellent working relationship. Both parties are aligned on the long-term aspirations for the North American market, and we look forward to pursuing new opportunities together.”
A25 customers will not be affected by the transaction. Payment methods and customer support channels such as the website and service centre will continue to operate as usual, as will the Government of Québec’s free toll measures for electric vehicle owners.
Financial close is expected by March 31st, subject to customary closing conditions and relevant consents and approvals.
Notice La Caisse paid less to acquire the remaining 50% in A25 (assuming it's all financed via an equity investment of CAD $280 million).
Not sure if that's the case, but it makes this deal even more compelling because A25 is only one of two public-private partnership toll roads in Quebec (A30, a 54-km bypass and toll bridge south of Montreal that spans the St. Lawrence River between Châteauguay and Vaudreuil-Dorion, is the other one).
Toll roads provide steady, inflation-protected cash flows and since La Caisse has a dual mandate, it makes sense for it to own this asset outright and for its portfolio company, Plenary Americas, to support its day-to-day operations.
In the larger scheme, La Caisse is cementing its position as the major transportation infrastructure operator in Quebec, adding this asset to the REM, which is fully operational now (minus the airport station, which is not their project).
Below, Quebec is studying the idea of adding more road tolls to help cover a $24-billion maintenance deficit, raising questions about cost and feasibility.
I think it's high time we add more toll roads to maintain our crumbling infrastructure and La Caisse can be a partner in new public-private partnership toll road projects in Quebec.
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