The owners of the Skyway Concession Co., which operates the 7.8-mile Chicago Skyway, agreed on Nov. 13 to sell the toll operator for $2.836 billion to a consortium consisting of three of Canada’s largest pension funds.

At this price the Canadian funds—Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System, and Ontario Teachers’ Pension Plan—are valuing the Skyway at approximately 40x the toll-road’s 2014 EBITDA of just over $71 million. . .