Aecon To Sell 49.9% Of Skyport To CC&L
Aecon has entered into an agreement with Toronto-based CC&L Infrastructure to sell a stake in Skyport — which runs Bermuda’s airport — with CC&L Infrastructure to hold a 49.9% interest in the company, with the company noting that “there will be no operational, management, or staff changes at the airport as a result of the transaction.”
A spokesperson said, “Bermuda Skyport today announced that its shareholder, Aecon, has entered into an agreement with Toronto-based investment asset management firm Connor, Clark & Lunn Infrastructure [CC&L Infrastructure] to sell a minority stake in Skyport, the special-purpose Bermudian company responsible for the development, financing, operations, maintenance, and commercial functions at the L.F. Wade International Airport.
“Through the agreement, Aecon Concessions retains the management contract for the airport and remains the controlling shareholder of Skyport, owning a 50.1 percent interest, while CC&L Infrastructure will hold a 49.9 percent minority interest in Skyport. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2023.”
Steve Nackan, Chairman of Bermuda Skyport, says: “This deal represents a vote of confidence in Bermuda – the future of Bermuda’s economy, post-pandemic recovery, and growth in tourism. We are pleased to have come to an agreement with CC&L Infrastructure, who we believe will be an excellent fit as a financial partner in Skyport and will lend support to the many strategic initiatives to further enhance the growth and success of the airport.”
The spokesperson said, “There will be no operational, management, or staff changes at the airport as a result of the transaction.”
Aaron Adderley, President of Bermuda Skyport, says: “We look forward to working with CC&L Infrastructure to build on the excellent partnership we have developed with Aecon. As an organization, we have benefitted from working with an experienced airport concessionaire and are pleased to expand on that.”
The spokesperson said, “To date, over $425 million of private capital investments have been made in the Airport Redevelopment Project. Steve Nackan adds: “Aecon remains committed to Bermuda and Skyport, and we look forward to working together to continue to deliver value to Bermuda through this award-winning airport.”
“CC&L Infrastructure is an affiliate of CC&L Financial Group, a leading Canadian asset management firm with over C$100 billion of financial assets under management. CC&L Infrastructure brings significant experience partnering with international and local developers, operators, and management teams with over 90 infrastructure projects in North America and other select creditworthy jurisdictions.
“Under a Government-to-Government/Public-Private Partnership [P3] model, Aecon worked with the Canadian Commercial Corporation, the Government of Bermuda, and many Bermudians to develop, finance, design, build, operate, and now maintain the new passenger terminal building, which opened in December of 2020.”
Update: A statement from Aecon said the sale is for US$128.5 million.
“This transaction highlights the value of the Bermuda International Airport concession and underlines the contribution of the Concessions’ portfolio of projects to Aecon,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “Aecon continues to target a prudent balance sheet while preserving capital for other long-term growth and concession opportunities.”
