TORONTO, April 05, 2019 (GLOBE NEWSWIRE) -- OMERS Infrastructure today announced that it has signed a purchase and sale agreement with SNC-Lavalin Group Inc. for the acquisition of a 10.01% stake in 407 International Inc., which holds a concession over 407 Express Toll Route (“407 ETR”). The purchase price consists of an upfront payment of C$3.0 billion. The sale is subject to certain shareholders’ rights, including rights-of-first refusal.
“Today’s announcement reflects our continued commitment to seek investments involving large-scale, core infrastructure assets around the world, in line with our long-term perspective as an owner,” said Ralph Berg, OMERS Global Head of Infrastructure. “This investment in 407 ETR, located in our home base of Ontario, will build upon our transportation-related holdings. This portfolio of high-quality assets covers all modes of transport, and stretches from the United States and the United Kingdom to Germany, India and Australia,” he added.
407 ETR is the world’s first all-electronic, open-access toll highway. The road stretches 108 km across the Greater Toronto Area, and provides customers with fast, safe and reliable service.
Macquarie Capital acted as lead financial advisor to OMERS, with financial co-advisory by Scotiabank, and McCarthy Tétrault LLP acted as legal counsel.
CONTACT INFORMATION:
Neil Hrab
Manager, External Communications and Media Relations
nhrab@omers.com
416-369-2418
About OMERS and OMERS Infrastructure
OMERS Infrastructure manages investments globally in infrastructure on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada. Investments are aimed at steady returns to help deliver secure and sustainable pensions to OMERS members.
OMERS Infrastructure’s diversified portfolio of large-scale infrastructure assets exhibits stability and strong cash flows, in sectors including energy, transportation and government-regulated services. OMERS has employees in Toronto and other major cities across North America, the U.K., Europe, Asia and Australia. OMERS is one of Canada's largest defined benefit pension funds with net assets of C$97 billion. Visit www.omersinfrastructure.com for more information.