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SNC-Lavalin To Sell 66% Stake In Astoria Project Partners II

Engineering and construction company SNC-Lavalin Inc. (SNC.TO: Quote) Wednesday agreed to sell 66 percent of its minority interest in Astoria Project Partners II LLC, the owner of the legal entity that owns and operates the Astoria II power plant in New York City.

The deal is subject to closing conditions, regulatory approvals and the provisions of the Astoria II governing documents.

As presented in SNC-Lavalin's strategic plan of May, the company is targeting growth in key markets with a focus on the resources sector, including oil and gas, mining and metallurgy, and environment and water.

It will also seek sustained growth in its existing world-class Clean Power and Infrastructure business, while continuing to move forward with its fully integrated services strategy, including project financing, engineering, construction and operations and maintenance.

The agreement to sell a part of its minority interest in Astoria II is in line with the company's strategic plan to monetize a portion of its mature infrastructure concession investments, also announced at the AGM.

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by RTT Staff Writer

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