MONTREAL, June 30, 2017 /CNW Telbec/ - SNC-Lavalin
(TSX: SNC) is pleased to announce the launch of a new
infrastructure investment vehicle, SNC-Lavalin Infrastructure
Partners LP ("the Partnership"), established to efficiently
redeploy capital back into development opportunities. This vehicle
will hold SNC-Lavalin's interests in a selection of its mature
Canadian infrastructure assets and will allow the Company to
monetize 80% of these infrastructure interests while retaining a
20% ownership, as well as the long-term management of these
assets.
In addition, SNC-Lavalin has entered into a strategic agreement
with a Canadian subsidiary of BBGI SICAV S.A. (LSE: BBGI) which
will purchase 80% of the limited partnership units in the
Partnership for approximately C$208
million for the initial five transferred assets, while a
subsidiary of SNC-Lavalin will hold the remaining 20%.
"This is an important milestone for SNC-Lavalin Capital," said
Chantal Sorel, Managing Director,
SNC-Lavalin Capital. "This new venture demonstrates SNC-Lavalin's
full life-cycle expertise and ability to create significant value
with our long-term strategic customer focus. It reflects our active
approach to managing our asset portfolio in a way that optimizes
shareholder returns in keeping with the company's strategic
objectives. In addition, it sets the foundations to create new
project financing vehicles that will support the development of our
robust pipeline of projects."
The Partnership will initially hold a portfolio comprised of
SNC-Lavalin's interests in the following five assets: the William
R. Bennett Bridge (Kelowna, BC),
the Canada Line (Vancouver, BC),
the Southeast Stoney Trail (Calgary,
AB), the Restigouche Hospital Centre (Campbellton, NB) and the MUHC Glen site
(Montreal, QC).
SNC-Lavalin will act as the General Partner and as the Manager
of the Partnership, and as such, it will continue to be the
counterparty to the various stakeholders and partners in the
transferred assets.
Advisors
BMO Capital Markets is acting as exclusive financial adviser
to SNC-Lavalin. Norton Rose Fulbright Canada LLP is acting as
counsel to SNC-Lavalin and SNC-Lavalin Infrastructure
Partners.
About BBGI
BBGI is a publicly listed Luxembourg-based
investment company that invests in P3 infrastructure projects,
with a global, geographically diversified portfolio of 39
high-quality infrastructure P3 assets.
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 engineering, procurement, construction,
completions and commissioning services together with a range of
sustaining capital services to clients in four industry sectors:
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