OMERS Infrastructure Sells Ownership in Concession Operator of Confederation Bridge
Posted on 04/15/2022
OMERS Infrastructure signed an agreement to sell 100% of its interest in BPC Maritime Corporation to VINCI Concessions Canada Inc. (part of VINCI Group). Through BPC Maritime, OMERS owns a 65.1% interest in Strait Crossing Development Inc. (SCDI), which operates the Confederation Bridge under a long-term concession expiring in 2032. With this acquisition, VINCI Highways, a long-term shareholder of SCDI, increases its stake in the company from 19.9% to 85%. It will be fully consolidated by VINCI.
OMERS initially invested in Strait Crossing Development in 2003. Confederation Bridge is a 12.9-kilometer bridge providing the only permanent transportation infrastructure between New Brunswick and Prince Edward Island. Strait Crossing Development owns the concession contract of the Confederation Bridge until 2032. SCDI generated revenues of €30.8 million in 2019.
The transaction is subject to regulatory approvals. Further financial information will not be disclosed.
OMERS Infrastructure was advised by RBC as financial adviser and Norton Rose Fulbright as legal adviser.
VINCI Highways, a VINCI Concessions subsidiary, is a company in road concessions, operations and mobility services. We design, finance, build and operate motorways, bridges, tunnels, urban roads and mobility services on a network of more than 4,000 kilometers in 16 countries.
Keywords: Ontario Municipal Employees Retirement System.