GRANGER, Ind. - ITR Concession Co. (ITRCC) on Wednesday announced that the financial close has been reached on the acquisition of ITRCC by IFM Investors.
The announcement of financial close signifies that all documents related to the transition have been executed and all approvals and conditions have been satisfied.
The original Concession Lease Agreement with the State of Indiana remains intact and unchanged, and ITRCC remains subject to the strict operational standards set forth by the lease.
“As the operator of the Indiana Toll Road, we look forward to continuing to provide the high quality maintenance and operations to which drivers have become accustomed,” said new ITRCC CEO Ken Daley. “The only noticeable differences will be positive changes – major improvements over the coming years to travel plazas and pavement conditions.”
ITRCC is planning a $260 million capital injection into the toll road over the next five years, including an increased focus on safety improvements for ITR customers and employees and the communities that we serve.
“For customers of the ITR there will be no changes to their E-ZPass/IPASS accounts or operations. It is ‘business as usual,’” Daley said. “We are a very customer-focused organization with a highly committed and skilled staff. We are proud to be part of Northern Indiana’s development.”
ITRCC on Sept. 22, 2014, announced that it had filed Chapter 11 bankruptcy, and that a sale process for the asset would commence.
IFM Investors on March 11, 2015, announced that it had entered into a purchase and sale agreement for $5.725 billion for the right to operate the Indiana Toll Road and collect toll revenue.
IFM inherits the remaining 66 years of a Concession Lease Agreement between ITRCC and the State of Indiana implemented in 2006 for a 75-year period.