SNC-Lavalin cancels sale of 407 International stake to OMERS
SNC-Lavalin Group Inc (TSX: SNC) has cancelled its sale to OMERS Infrastructure of a 10.01 percent stake in 407 International Inc, a Woodbridge, Ontario-based holder of a concession over 407 Express Toll Route (407 ETR). SNC-Lavalin said Canada Pension Plan Investment Board (CPPIB), which owns 40 percent of 407 ETR, exercised its right of first refusal (ROFR). As a result, the agreement with OMERS, announced in April, was terminated. The deal was valued at $3.25 billion. SNC-Lavalin said it will sell the interest to CPPIB or CPPIB and Ferrovial SA. Ferrovial, which holds a 43.23 percent stake, also sought to exercise its ROFR, but SNC-Lavalin disputes its ability to take this action.
17 May 2019•5 mins read
