Two of the world’s most experienced infrastructure investors paid Indiana $3.8 billion in 2006 for a 75-year lease of the Indiana Toll Road. Tolls had not been increased by the state since 1985. The road was deteriorating, and the toll collections system was outdated. Statewide Mobility Partners—Cintra and Macquarie—committed to set things right and paid a premium price for the right to try.

The region served by the 157-mile Indiana Toll Road contains 15.5% of the U.S. population. Recognizing that, Macquarie equity analyst Ian Myles titled his 2006 report on the Indiana Toll Road (ITR) lease transaction: “Acquiring America.” It might also have been called “Rebuilding America.” Gov. Mitch Daniels promised that most of the ITR concession fee would be used for transportation improvements, eliminating the state’s $2.8-billion funding shortfall in its 10-year transportation plan.