On September 28, 2017, a new infrastructure investment fund formed by SNC-Lavalin Inc., SNC-Lavalin Infrastructure Partners LP (the Fund), completed its initial closing involving the sale and issuance to a subsidiary of BBGI SICAV S.A. of 80 per cent of the Fund’s limited partnership units, while SNC-Lavalin retained the remaining 20 per cent of the limited partnership units and will also act as the general partner and manager of the Fund. The aggregate proceeds for all transactions, including the initial closing, amount to approximately $189 million.
The proceeds from the initial closing were used by the Fund to acquire from SNC-Lavalin an initial portfolio of Canadian infrastructure projects, including the William R. Bennett Bridge (Kelowna, BC), the Canada Line (Vancouver, BC), the Southeast Stoney Trail (Calgary, AB) and the Restigouche Hospital Centre (Campbellton, NB).
In addition, subject to certain conditions, the Fund has agreed to acquire SNC-Lavalin’s interests in the McGill University Health Centre (Montreal, QC) in a subsequent closing. As part of the transaction, SNC-Lavalin also entered into a strategic agreement with the Fund whereby SNC-Lavalin’s interests in certain future Canadian infrastructure projects will be offered to the Fund on a first offer basis, subject to certain conditions.
SNC-Lavalin was represented in-house by Louis Fleurent, Vice-President, Legal Affairs, Capital, and by Aron Halpern, Director, Commercial & Legal Affairs, Capital. Norton Rose Fulbright Canada LLP acted as counsel to SNC-Lavalin through its offices in Montréal and Toronto. Norton Rose Fulbright’s team was led by Elliot Shapiro and included, in Montréal, David Crandall, Melanie Josepovici, Rachel Lesmerises, Peter Riddell, Nicolas Labrecque, Derek Chiasson, Taj Kudhail and, in Toronto, Michael Bunn.
McMillan LLP acted as counsel to BBGI, with a team that was led by Candy Saga and included Michael Friedman, Ted Scott, John Clifford, Dharampreet Dhillon, Morgan McDonald, Yonatan Petel, Alexandre Koch, and Béatrice Méthé.