SNC-Lavalin on Thursday confirmed the completion of the sale of its engineering activities in Scandinavian countries.
The Montreal company specializing in project management had entered into an agreement with the French firm Systra to sell it its engineering activities in Denmark, Sweden and Norway.
The transaction amount was not sent. Nevertheless, the value of the divested assets was estimated at £80 million, or around £136 million, in July.
SNC-Lavalin emphasizes that this sale is an important step in its strategy to reduce its risk profile and generate constant growth.
“Closing the sale further optimizes our business portfolio and allows us to focus all of our efforts on areas with the greatest potential for value creation,” said Ian L. Edwards, President and CEO of SNC- Lavalin, in a press release.
The sale is part of a strategic business review initiated in March by SNC-Lavalin.
The Systra group, which specializes in engineering and consulting for public transport, emphasizes that this acquisition is in line with its growth strategy in Europe.
“These acquisitions […] strongly affirm our presence in Sweden, Denmark and Norway, where governments are investing heavily in transport infrastructure, particularly rail,” said Pierre Verzat, Chairman of the Management Board of Systra.
The French group has notably worked on the construction of the automatic Copenhagen metro and the electrification of the Danish rail network as well as the establishment of high-speed rail lines in Sweden and Norway.
