OMERS Infrastructure has signed a purchase and sale agreement with SNC-Lavalin Group Inc. for the acquisition of a 10.01 percent stake in 407 International, which holds a concession over 407 Express Toll Route (407 ETR). The purchase price consists of an upfront payment of C$3 billion ($2.24 billion). The sale is subject to certain shareholders’ rights, including rights-of-first refusal.
407 ETR is the world’s first all-electronic, open-access toll highway. The road stretches 67 miles across the Greater Toronto Area.
OMERS is committed to seek investments involving large-scale, core infrastructure assets globally. The investment will build upon its transportation-related holdings. Its portfolio of assets covers all modes of transportation and stretches from the United States and the United Kingdom to Germany, India and Australia.
Macquarie Capital acted as lead financial adviser to OMERS, with financial co-advisory by Scotiabank, and McCarthy Tétrault acted as legal counsel.
