Highway 407 owner says no active buyback discussions with Ontario government

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Highway 407 owner says no active buyback discussions with Ontario government

^{Published on 2024-11-29 15:30:30 - Brian Stokes, N@N}

The provincial government is facing increasing pressure to tap into the underused and tolled Highway 407 to alleviate congestion on Highway 401.

The owner of Highway 407, a toll road in Ontario, has stated that there are currently no active discussions with the Ontario government regarding a potential buyback of the highway. This statement comes in response to recent speculation and media reports suggesting that the province might be interested in reacquiring the highway. The 407 ETR Concession Company emphasized that while they maintain an open dialogue with the government on various matters, no formal negotiations or talks about repurchasing the highway are taking place at this time. The highway, which spans from Burlington to Pickering, was leased to a consortium of investors in 1999 for 99 years, and any buyback would involve significant financial and legal considerations.

Read the Full CP24 Article at:
[ https://www.cp24.com/politics/queens-park/2024/11/29/highway-407-owner-says-no-active-buyback-discussions-with-ontario-government/ ]

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Brian Stokes

N@N