SNC-Lavalin has reached financial close on the sale of its indirect ownership interest in MMLC Holdings Malta Limited (SNCL Malta) to an affiliate of Flughafen Wien AG.

The deal has been closed for a total cash consideration of approximately €64 million (US$72.4 million). The agreement to sell such interest was previously announced by SNC-Lavalin on February 1, 2016.

SNCL Malta holds a 38.75% interest in Malta Mediterranean Link Consortium Limited (MMLC), which, in turn, has a 40% interest in Malta International Airport plc (MIA).

MMLC was formed in 2001 for the exclusive purpose of bidding on the Malta Airport privatization project initiated by the Government of Malta. MMLC was, ultimately, successful in winning the bid. As a result, until the completion of this transaction, SNC-Lavalin had held an indirect 15.5% interest in MIA, which manages the airport facility under a 65-year concession agreement.

Chantal Sorel, Managing Director, SNC-Lavalin Capital, stated:

“We are proud to have helped develop and grow Malta Airport into a world-class facility that serves millions of airline passengers annually and, as the only airport in the country, provides a vital service that will continue to deliver enduring benefits to the people of Malta. Our active involvement in Malta Airport demonstrates SNC-Lavalin’s full life-cycle expertise and ability to create significant value with our long-term strategic customer focus. The sale of our interest in Malta Airport also reflects our focused and active approach to managing our asset portfolio that optimizes shareholder returns once the company’s strategic objectives have been achieved.”

The agreement by SNC-Lavalin to sell its indirect ownership interest in SNCL Malta is in line with the company’s strategic plan to target sustained growth in key markets and monetize some of its mature infrastructure concession investments.