The Montreal-based engineering firm, which is the subject of a political storm in Ottawa, said it expects to generate $3.25 billion from the sale. The company will retain a 6.76 per cent stake in the toll road. Cintra Global S.E., a wholly owned subsidiary of Spanish firm Ferrovial S.A., owns 43.23 per cent in Highway 407 ETR, while indirectly owned subsidiaries of Canada Pension Plan Investment Board owns 40 per cent.
The 407 highway was seen as a significant asset that could bail out the company in a crunch situation. The embattled company that has faced separate setbacks from Canada’s diplomatic fallout in Saudi Arabia, and quality control issues in a mine in Chile, recently reorganized its business.
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