Ferrovial (FER) has agreed to acquire up to a 5.06% stake in Canadian highway 407 ETR from AtkinsRealis for about 2.09 billion Canadian dollars ($1.45 billion).
The company said the deal is structured in two tranches, with 3.30% to be acquired at closing and the remaining 1.76% deferred for up to 18 months after the close through a put-and-call-option agreement, with the strike price adjusted on an mutually agreed formula.
Ferrovial said that under separate deals AtkinsRealis will sell its remaining 1.7% stake in 108-kilometer Toronto area tollway to Canada Pension Plan Investment Board while Public Sector Pension Investment Board has agreed to acquire a 7.51% interest in 407 ETR from CPP.
The transactions are expected to close in Q2, subject to closing of CPP's sale to PSP Investments, Ferrovial said.
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