AtkinsRéalis looks to sell stake in Ontario’s Highway 407 toll highway by end of 2027
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Hey there, time traveller!
This article was published 13/06/2024 (488 days ago), so information in it may no longer be current.
MONTREAL – AtkinsRéalis Group Inc. says it plans to sell its stake in the company that owns the Highway 407 ETR toll highway north of Toronto by the end of 2027.
The company formerly known as SNC-Lavalin announced the plan as part of an investor presentation outlining the company’s latest goals and financial targets. It says the sale is part of its move to focus on its engineering services and nuclear businesses.
AtkinsRéalis holds a 6.76 per cent stake in 407 International Inc.
The other owners of the toll highway are the Canada Pension Plan Investment Board with a 50.01 per cent stake and Cintra Global S.E., a wholly owned subsidiary of Ferrovial S.A., at 43.23 per cent.
In its outlook, AtkinsRéalis says it’s looking to pursue margin expansion and growth.
It says it will also aim to expand investments in rapidly growing markets, including initiatives in engineering services across the U.S., utilizing its nuclear expertise and investing in accretive mergers and acquisitions.
This report by The Canadian Press was first published June 13, 2024.
Companies in this story: (TSX:ATRL)