MONTREAL,
Feb. 1, 2016 /CNW Telbec/ -
SNC-Lavalin Group Inc. (TSX: SNC) announced today that it has
reached an agreement to sell its indirect ownership interest in
SNC-Lavalin (Malta) Limited ("SNCL
Malta") to an affiliate of Flughafen Wien AG for cash consideration
of approximately 63 million
euros, pending the satisfaction of certain closing
conditions by both parties and subject to working capital
adjustments. This is expected to take place in the first half of
2016.
SNCL Malta has a 38.75% interest in Malta Mediterranean Link Consortium Limited
("MMLC") which in turn has a 40% interest in Malta International Airport plc
("MIA").
MMLC was formed in 2001 for the exclusive purpose of
bidding on the Malta Airport privatization project initiated by the
Government of Malta. MMLC was,
ultimately, successful in winning the bid. As a result, SNC-Lavalin
holds an indirect 15.5% interest in MIA, which manages the airport
facility under a 65-year concession agreement.
"Throughout the life cycle of this transportation
infrastructure project, as one of the consortium's founding
partners, SNC-Lavalin has played an active part in helping develop
the airport into a world-class facility," said Neil Bruce, President and CEO of SNC-Lavalin.
"The sale of our interest in the Malta International Airport is consistent with
our corporate strategy and our expectations. We plan to leverage
this valuable experience and redeploy it into future global
engineering and construction opportunities."
The agreement by SNC-Lavalin to sell its indirect
ownership interest in SNCL Malta is in line with the company's
strategic plan to target sustained growth in key markets and
monetize some of its mature infrastructure concession
investments.
"As one of the original strategic investors that has
operated Malta International
Airport for over 13 years, SNC-Lavalin is proud of its steadfast
involvement in making it a successful venture for the Government of
Malta and its people, and
investment for our partners," said Chantal
Sorel, Managing Director, SNC-Lavalin Capital. "We have seen
the whole operation grow by leaps and bounds, and feel now is the
opportune moment to exit our investment in, what has become, a
mature operation."
About SNC-Lavalin
Founded in 1911,
SNC-Lavalin is one of the leading engineering and construction
groups in the world and a major player in the ownership of
infrastructure. From offices in over 50 countries, SNC-Lavalin's
employees are proud to build what matters. Our teams provide EPC
and EPCM services to clients in a variety of industry sectors,
including oil and gas, mining and metallurgy, infrastructure and
power. SNC-Lavalin can also combine these services with its
financing and operations and maintenance capabilities to provide
complete end-to-end project
solutions.www.snclavalin.com
SOURCE SNC-Lavalin