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."
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
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