Canadian investment firm Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) is set to acquire Aecon Group‘s 49.9% stake in Bermuda Skyport in a $128.5m deal.

Skyport is the concessionaire for LF Wade International Airport (Bermuda International Airport).

The remaining 50.1% Skyport stake will be retained by Aecon, which will remain the majority owner and operator of Bermuda International Airport.

CC&L Infrastructure president Matt O’Brien said: “We are excited to expand to a new sector and geography with the addition of this interest in a world-class airport.

“This investment is consistent with our strategy of investing in high-quality, long-duration assets in creditworthy jurisdictions.

“The L.F. Wade International Airport is an excellent example of a resilient, durable asset with potential for growth as passenger traffic recovers in the wake of Covid-19 – providing an attractive complement to our existing, well-diversified portfolio of infrastructure assets.”

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A special-purpose firm owned by Aecon Concessions, Skyport is tasked with the operation, maintenance, and management of the airport’s commercial functions.

The airport serves as the only aviation access to the island for international passengers and Bermudians.

Its redevelopment was concluded in 2020 under a concession agreement between the Bermuda Airport Authority and Skyport.

CC&L Infrastructure managing director Ryan Lapointe said: “We believe that Bermuda is a strong jurisdiction for investment and are excited to be partnered with Aecon and the team at Skyport in the delivery of a high-quality airport offering to the Government and people of Bermuda.

“As a long-term investor, we look forward to working with our partners at Aecon and the Government of Bermuda in the continued successful operation of the Bermuda International Airport for many years to come.”

Completion of the deal is expected in the second quarter of this year, subject to closing conditions.