MONTREAL, March 30, 2016 /CNW Telbec/ - SNC-Lavalin Group
Inc. (TSX: SNC) announced today that it has reached financial close
on the sale of its indirect ownership interest in MMLC Holdings
Malta Limited [formerly, SNC-Lavalin (Malta) Limited ("SNCL Malta")] to an affiliate
of Flughafen Wien AG for total cash consideration of approximately
64 million euros. The agreement to
sell such interest was previously announced by SNC-Lavalin on
February 1, 2016.
SNCL Malta holds a 38.75% interest in Malta Mediterranean Link Consortium Limited
("MMLC"), which, in turn, has a 40% interest in Malta International Airport plc ("MIA").
MMLC was formed in 2001 for the exclusive purpose of bidding on
the Malta Airport privatization project initiated by the Government
of Malta. MMLC was, ultimately,
successful in winning the bid. As a result, until the completion of
this transaction, SNC-Lavalin had held an indirect 15.5% interest
in MIA, which manages the airport facility under a 65-year
concession agreement.
"We are proud to have helped develop and grow Malta Airport into
a world-class facility that serves millions of airline passengers
annually and, as the only airport in the country, provides a vital
service that will continue to deliver enduring benefits to the
people of Malta," said
Chantal Sorel, Managing Director,
SNC-Lavalin Capital. "Our active involvement in Malta Airport demonstrates SNC-Lavalin's full
life-cycle expertise and ability to create significant value with
our long-term strategic customer focus. The sale of our interest in
Malta Airport also reflects our
focused and active approach to managing our asset portfolio that
optimizes shareholder returns once the company's strategic
objectives have been achieved."
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 and Construction (EPC) and
Engineering, Procurement, Construction and Management (EPCM)
services to clients in a variety of industry sectors, including 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