JPMorgan Chase & Co (JPM) and Canadian Imperial Bank of Commerce (CM) were hired to advise Canada on selling operating rights to the country's four busiest airports by passenger volume, Bloomberg reported Thursday.

The airports include Toronto Pearson International Airport and hubs in Montreal, Vancouver and Calgary, according to the report.

The government expects the deals to raise tens of billions of dollars, with proceeds directed toward regional airports and other infrastructure projects, Bloomberg reported.

Under the proposed structure, Canada would retain ownership of the airport land and assets while granting investors long-term concessions to operate the facilities, according to the report.

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