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who owns the 407

Ontario’s Highway 407 ETR is owned and operated by a private company called 407 International Inc., whose shares are split mainly between Ferrovial (through its Cintra subsidiary), CPP Investments (Canada Pension Plan Investment Board) and the Public Sector Pension Investment Board (PSP).

Who owns “the 407” today?

When people ask “who owns the 407,” they almost always mean Highway 407 ETR, the tolled expressway across the Greater Toronto Area in Ontario, Canada.

Legally, the structure looks like this:

  • The Province of Ontario still owns the land and highway corridor itself, but it leased the toll highway to a private consortium under a long‑term (99‑year) concession that runs to 2098.
  • 407 International Inc. holds the concession and in turn owns 407 ETR Concession Company Limited, which actually operates, maintains, and expands the highway.

So “who owns the 407?” in practice means “who owns 407 International Inc.,” because that’s the company that controls tolls and day‑to‑day operations under the lease.

Current ownership breakdown

407 International Inc. is owned by three main investor groups that together make it a majority Canadian‑owned company.

As of the latest public updates in 2025, the approximate ownership percentages are:

  • Ferrovial / Cintra (Spain) – 48.29%
    • Held through Cintra Global S.E., a wholly owned subsidiary of Ferrovial S.A., a large Spanish infrastructure firm.
  • CPP Investments and other institutional investors (Canada) – 44.20%
    • CPP Investments is the investment arm that manages the Canada Pension Plan fund, so a large slice of the 407 is effectively owned on behalf of Canadian pension contributors and beneficiaries.
  • PSP Investments (Canada) – 7.51%
    • PSP (Public Sector Pension Investment Board) manages pensions for Canadian federal public‑sector workers, the Canadian Forces, RCMP, and others.

This mix is why the company publicly describes itself as “majority Canadian‑owned”: the combined CPP and PSP stakes exceed 50%, even though the single largest individual shareholder is Ferrovial.

Quick history: how did it end up private?

Highway 407 started out as a public project funded by Ontario taxpayers and built as a bypass to congested Highway 401.

In 1999, Ontario’s Progressive Conservative government sold a 99‑year concession for the original 407 ETR section to a private consortium, 407 International Inc., for about 3.1 billion Canadian dollars. Originally, the ownership looked roughly like this:

  • Ferrovial (via Cintra) – about 61.3%
  • SNC‑Lavalin (now AtkinsRéalis) – about 22.6%
  • CDP Capital (Caisse de dépôt et placement du Québec) – about 16.1%

Over the years, those stakes shifted. For example:

  • SNC‑Lavalin sold part of its stake in 2019, and later transactions saw more of its shares go to pension investors.
  • CPP Investments increased its position and by the late 2010s/early 2020s held a very large share, often described in public and forum discussions as a controlling or near‑controlling stake.
  • In 2025, Ferrovial completed another share purchase, taking its ownership up to around 48.29%.

Despite these changes, the basic pattern has stayed the same: a foreign infrastructure specialist (Ferrovial) plus major Canadian pension funds, all operating under a long‑term lease from the province.

Why this still causes debate

Highway 407 is a frequent topic in Ontario politics and online forums because:

  • It was sold for 3.1 billion dollars, and many critics argue that this was far below its long‑term value, especially given later valuations in the tens of billions.
  • Tolls have risen significantly over time, which drivers feel directly in their wallets.
  • Some people assume “the government” still owns and controls it like a normal highway, and are surprised to learn that a private and pension‑fund‑backed company decides key aspects of its operation.
  • Proposals occasionally surface about “buying back” the 407 or renegotiating aspects of the deal, particularly when traffic, congestion, or affordability become hot political issues.

One way to look at it is:

The physical highway belongs to the province, but the right to run it as a toll road and collect revenue until 2098 belongs to 407 International Inc., whose shares are split between Ferrovial, CPP Investments (and partners), and PSP Investments.

Information gathered from public forums or data available on the internet and portrayed here.