Europe's Vienna Airport Group has agreed to buy Canada-based SNC-Lavalin Group's indirect stake in Malta International Airport (MIA) for $69m.
SNCL Malta holds a 38.75% stake in the Malta Mediterranean Link Consortium Limited (MMLC), which in turn holds 40% interest in MIA.
MMLC was created in 2001 for the task of bidding for the Maltese government-initiated Malta Airport privatisation project.
With MMLC securing the bid, SNC-Lavalin holds an indirect 15.5% interest in MIA, which a has a 65-year concession agreement to manage the airport facility, reported Airport-world.com.
This acquisition price is equivalent to €3 per share of Malta Airport, Vienna Airport group was stated as saying by Reuters.
SNC-Lavalin president and CEO Neil Bruce was quoted by Airport World as saying: "Throughout the lifecycle of this transportation infrastructure project, as one of the consortium's founding partners, SNC-Lavalin has played an active part in helping develop the airport into a world-class facility.
"The sale of our interest in the Malta International Airport is consistent with our corporate strategy and our expectations.
"We plan to leverage this valuable experience and redeploy it into future global engineering and construction opportunities."
SNC-Lavalin's plan to sell its indirect interest in SNCL Malta aligns with its aim to tap growth in key markets and for this, it intends to monetise some of the mature infrastructure investments.
SNC-Lavalin Capital managing director Chantal Sorel was quoted by Airport World as saying: "As one of the original strategic investors that has operated Malta International Airport for over 13 years, SNC-Lavalin is proud of its steadfast involvement in making it a successful venture for the Government of Malta and its people, and investment for our partners.
"We have seen the whole operation grow by leaps and bounds, and feel now is the opportune moment to exit our investment in, what has become, a mature operation."
Image: Malta Mediterranean Link Consortium Limited holds a 40% stake in Malta International Airport. Photo: courtesy of The Gentle/Wikipedia.