NEWS
03/30/2016 11:05 EDT | Updated 03/31/2017 01:12 EDT

SNC-Lavalin gets $94 million for selling minority stake in Malta airport

MONTREAL — SNC-Lavalin has closed the sale of its interest in Malta International Airport Inc., which manages the facility under a 65-year agreement with the government of the Mediterranean island nation.

The Montreal based company (TSX:SNC) says it received about 64 million euros cash or C$94 million at current exchange rates.

SNC had a 15.5 per cent interest in Malta International Airport Inc., through its share of a consortium that was formed in 2001 to bid on the Malta Airport privatization project.

It announced the sale of the stake to an affiliate of Flughafen Wien AG in February as part of a strategic plan to sell some of its mature investments in infrastructure concessions.

The Canadian Press