News

BBGI announces partnership with SNC-Lavalin

By ReNew Canada 07:38AM July 04, 2017

24


0


Read Later

BBGI SICAV S.A. has announced that it has signed a strategic agreement with a subsidiary of SNC-Lavalin Group Inc. to invest in an investment vehicle which will hold substantial equity interests in five PPP projects in Canada. All assets are operational and classified as availability-based under the investment policy of the Company.

Furthermore, as part of the transaction and through the partnership, BBGI will benefit from a vend-in (pipeline) agreement that provides the partnership a right of first offer with respect to the potential future acquisition, of select interests in SNC-Lavalin’s pipeline of Canadian availability-based PPP projects currently under construction.

To facilitate the holding of the five project interests and such future acquisitions, a partnership has been established in which BBGI and SNC-Lavalin will hold 80 per cent and 20 per cent partnership interests, respectively, while a subsidiary of SNC-Lavalin will act as the Partnership GP.

At closing of the initial seed assets, the partnership will acquire holdings in the following operational assets currently held by SNC-Lavalin:

  • William R. Bennett Bridge (Kelowna, B.C.);
  • Southeast Stoney Trail (Calgary, Alberta);
  • Restigouche Hospital Centre (Campbellton, New Brunswick); and
  • Canada Line (Vancouver, B.C.)

The acquisition of the interests in the four operational seed assets described above is expected to close in the coming months. As a second stage, and subject to a number of project-specific conditions precedent being satisfied, it is expected that the partnership will acquire a holding in the McGill University Health Centre currently held by SNC-Lavalin.

The agreed total cash consideration payable by the company for the five initial project interests is expected to be approximately CA$208 million, which will be funded from the company’s existing cash resources and drawings under its extended credit facility.

Would you recommend this article?

Suggested News Articles

News, Western CanadaDec. 08, 2017
Read Later

Sunshine Coast fixed-link study completed

The Government of British Columbia’s study of the feasibility of a fixed link between the Sunshine Coast and the rest of Lower Mainland has been completed. The study concludes that…
News, QuebecDec. 08, 2017
Read Later

Study launched for new Quebec City-Levis link

The Government of Quebec has officially launched a study of a third transportation link to connect Quebec City and Levis. This study is in line with the mandate of the…
News, OntarioDec. 07, 2017
Read Later

PHAI begins low-level radioactive waste cleanup

The Port Hope Area Initiative (PHAI) cleanup of historic low-level radioactive waste at the legacy Welcome Waste Management Facility in Port Hope began on Dec. 1 with the placement of…

Comments

0