SNC-LAVALIN INVESTS $100 MILLION IN NOVERCO THROUGH CAPITAL INFRAGAZ PARTNERSHIP
SNC-Lavalin Inc. and its new partners in the Capital Infragaz limited partnership have invested $900 million for a 50.38% share in Noverco Inc. Noverco holds a 74.7% ownership in the Gaz Métro limited partnership, and a 9.76% ownership in Enbridge Inc., two energy infrastructure businesses active primarily in the transportation and distribution of oil and natural gas.
Capital Infragaz is composed of the Caisse de dépôt et placement du Québec, a deposit and investment institution, SNC-Lavalin, the British Columbia Investment Management Corporation (BCIMC), (acting as trustee for BCIMC (PPSAF) Investment Trust No. 1 and BCIMC (WCBAF PPSAF) Investment Trust No. 1) and Régime des rentes du Mouvement Desjardins, a Quebec pension fund. SNC-Lavalin’s $100 million portion amounts to 11.1% of the total $900 million investment.
“This is an excellent addition to SNC-Lavalin’s diversified investment portfolio, with its varying degrees of risk and return,” said Pierre Anctil, Executive Vice-President, SNC-Lavalin Group Inc. “Enbridge and Gaz Métro are regulated, high-quality energy businesses that generate stable and growing cash flows, making them low-risk investments.”
Continued Mr Anctil, “We have established a good rapport with our partners, and are looking forward to working with them over the long term. Noverco is well positioned to seize development opportunities in the energy sector.”
“This investment adds to our infrastructure ownership and is expected to create good value for our shareholders,” commented Gilles Laramée, Executive Vice-President and Chief Financial Officer, SNC-Lavalin Group Inc.
Noverco’s other two shareholders are IPL System Inc., a wholly-owned subsidiary of Enbridge, and Laurentides Investissements S.A., an indirect subsidiary of Gaz de France.
SNC-Lavalin (TSX:SNC) is one of the leading groups of engineering and construction companies in the world, a global leader in the ownership and management of infrastructure, and a key player in facilities and operations management. The SNC-Lavalin companies have offices across Canada and in 30 other countries around the world and are currently working in some 100 countries.
- 30 -
Media ContactGillian MacCormack
Vice-President, Global Public Relations
SNC-Lavalin Group Inc.
Vice-President, Investor Relations
SNC-Lavalin Group Inc.