SNC-Lavalin to sell stake in Malta International Airport for $96.5M
Montreal firm acquired a 15.5 per cent piece of the airport in 2001
MONTREAL—SNC-Lavalin Group Inc. is continuing to offload its long-term infrastructure investments.
The company has announced it is selling its 15.5 per cent stake in the Malta International Airport to an affiliate of Flughafen Wien AG for approximately 63 million euros, or approximately $96.5 million in cash.
“The sale of our interest in the Malta International Airport is consistent with our corporate strategy and our expectations,” Neil Bruce, SNC’s president and CEO said. “We plan to leverage this valuable experience and redeploy it into future global engineering and construction opportunities.”
The company acquired a piece of the airport in 2001 when the government of Malta privatized the transport hub. A member of the winning Malta Mediterranean Link Consortium on the privatization project, SNC has a 38.75 per cent share in the consortium, which controls a 40 per cent interest in the airport.
The sale is expected to close in the in the first half of 2016.