06/10/2015 02:46 EDT | Updated 06/10/2016 05:59 EDT

Correction:SNC-Lavalin, Aecon consortium preferred proponent for Toronto project

TORONTO - In a June 9 story about Toronto's Eglinton Crosstown light rail transit project, The Canadian Press reported that the Ontario government confirmed the selection of an SNC-Lavalin and Aecon consortium to build it. In fact, the Ontario government selected the SNC-Lavalin and Aecon consortium as the preferred proponent to build the project.

A corrected version of the story is below:

The Ontario government has selected an SNC-Lavalin and Aecon consortium as the preferred proponent to build Toronto's Eglinton Crosstown light rail transit project.

If its bid is accepted, the Crosslinx Transit Solutions group, which comprises SNC-Lavalin (TSX:SNC), ACS Infrastructure Canada Inc., EllisDon and Aecon (TSX:ARE), would design, finance, build and maintain the 19-kilometre transit line that would include 25 stations and stops.

The Eglinton Crosstown LRT is part of Metrolinx's regional transportation plan designed to reduce congestion.

It would run along Eglinton Avenue with about half the distance running underground and would link to bus routes, three subway stations and various GO Transit lines.

The contract is expected to be signed this summer with construction starting early next year and completed in late 2020.

Financial details weren't disclosed but analysts estimate the total project is worth up to about $5 billion.

Leon Aghazarian of National Bank Financial expects the consortium would earn higher margins for this project than most because of its size, lengthy term and complexity.

The announcement Tuesday is positive news for embattled engineering firm SNC-Lavalin, which was also part of a winning group selected to help build a new multibillion-dollar bridge connecting Montreal and the south shore of the St. Lawrence River.

Note to readers: This is a corrected story.