SNC-Lavalin (TSX: SNC) announces today that it has finalized the transfer of its fifth asset, the McGill University Health Centre, Glen site, to the SNC-Lavalin Infrastructure Partners LP (the “Partnership”). This transaction completes the transfer of SNC-Lavalin’s interest in five mature Canadian P3 assets into the Partnership.
“We are delighted that the transfer of the five seed assets into the venture is now complete. This transaction represents a total cash consideration of approximately C$191 million, which will create significant value for SNC-Lavalin, and furthers our presence in the infrastructure investment management business,” said Chantal Sorel, Executive Vice-President and Managing Director, Capital, SNC-Lavalin.
The Partnership is SNC-Lavalin’s infrastructure investment vehicle, which was established to efficiently redeploy capital back into new development opportunities. The launch of the Partnership was previously announced by SNC-Lavalin on June 30, 2017. The initial closing of the first four assets was reached on September 27, 2017; it included the William R. Bennett Bridge (Kelowna, BC), the Canada Line (Vancouver, BC), the Southeast Stoney Trail (Calgary, AB) and the Restigouche Hospital Centre (Campbellton, NB).
Founded in 1911, SNC-Lavalin is a global fully integrated professional services and project management company and a major player in the ownership of infrastructure. From offices around the world, SNC-Lavalin's employees are proud to build what matters. Our teams provide comprehensive end-to-end project solutions – including capital investment, consulting, design, engineering, construction, sustaining capital and operations and maintenance – to clients across oil and gas, mining and metallurgy, infrastructure, clean power, nuclear and EDPM (engineering design and project management). On July 3, 2017, SNC-Lavalin acquired Atkins, one of the world’s most respected design, engineering and project management consultancies, which has been integrated into our sectors. www.snclavalin.com