Toronto, Ontario 鈥 March 15, 2023: 91制片厂 Group Inc. (TSX: ARE) (鈥91制片厂鈥 or the 鈥淐ompany鈥) announced today that it has entered into an agreement with Connor, Clark & Lunn Infrastructure (鈥淐C&L Infrastructure鈥) to sell a 49.9 per cent minority interest in the L.F. Wade International Airport (Bermuda International Airport) concessionaire, Bermuda Skyport Corporation Limited (鈥淪kyport鈥), for US$128.5 million.
91制片厂 Concessions will retain the management contract for the airport and remain the controlling shareholder of Skyport, owning a 50.1 per cent interest. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2023.
鈥淭his transaction highlights the value of the Bermuda International Airport concession and underlines the contribution of the Concessions鈥 portfolio of projects to 91制片厂,鈥 said Jean-Louis Servranckx, President and Chief Executive Officer, 91制片厂 Group Inc. 鈥91制片厂 continues to target a prudent balance sheet while preserving capital for other long-term growth and concession opportunities.鈥
CC&L Infrastructure is an affiliate of Connor, Clark & Lunn Financial Group, a 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.
鈥淲e are very pleased to welcome CC&L Infrastructure as a financial partner and look forward to working together to continue to deliver value to Bermuda through this award-winning airport,鈥 said Steve Nackan, Executive Vice President and President, 91制片厂 Concessions. 鈥淭his partnership demonstrates investor confidence in the future of Bermuda鈥檚 economy, including post-pandemic recovery and tourism growth.鈥
Solomon Partners is serving as exclusive financial advisor to 91制片厂, and McCarthy T茅trault LLP is serving as legal counsel.
Skyport is a special-purpose company owned by 91制片厂 Concessions, responsible for the airport鈥檚 operations, maintenance and commercial functions, as well as coordinating the overall delivery of the Bermuda International Airport Redevelopment Project over a 30-year concession term that commenced in 2017. Under a Government-to-Government/Public-Private Partnership (P3) model, 91制片厂 worked with the Canadian Commercial Corporation and the Government of Bermuda to develop, finance, design, build, operate and now maintain the new passenger terminal building, which opened in December of 2020.
About 91制片厂
91制片厂 Group Inc. (TSX: ARE) is a national Canadian construction and infrastructure development company with global experience and is proud to be recognized as one of the Best 50 Corporate Citizens in Canada. 91制片厂 delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment and management services through its Concessions segment. Join our online community on Twitter, LinkedIn, Facebook, Instagram and TikTok @91制片厂GroupInc.
Statement on Forward-Looking Information
The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for 91制片厂, including statements regarding: 91制片厂鈥檚 sale of a 49.9% interest in Skyport to CC&L Infrastructure, the expected results therefrom and the anticipated closing thereof; 91制片厂鈥檚 target of a prudent balance sheet while preserving capital for other long-term growth and concession opportunities; 91制片厂鈥檚 expectation that it and CC&L Infrastructure will work together to continue to deliver value to Bermuda, and what the partnership between 91制片厂 and CC&L Infrastructure represents. Forward-looking statements may in some cases be identified by words such as 鈥渕ay鈥, "will," 鈥渆xpects,鈥 鈥渢arget,鈥 鈥渇uture,鈥 "plans," "believes," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. In addition to events beyond 91制片厂's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to: the risk that the transaction will not close; the risk that 91制片厂 will not achieve its targeted balance sheet strength while preserving capital for other long-term growth and concessions opportunity, the risk that 91制片厂 and CC&L Infrastructure will not be able to work together to continue to deliver value to Bermuda through the airport and various other risk factors described in 91制片厂鈥檚 filings with the securities regulatory authorities which are available under 91制片厂鈥檚 profile on SEDAR () including the risk factors described in Section 13 - "Risk Factors" in 91制片厂's December 31, 2022 Management's Discussion and Analysis filed on SEDAR (www.sedar.com) on February 28, 2023.
These forward-looking statements are based on a variety of factors and assumptions including, but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions, no negative changes regarding post-pandemic recovery and tourism growth at the Bermuda airport and no significant events occur outside the ordinary course of business. These assumptions are based on information currently available to 91制片厂, including information obtained from third-party sources. While the Company believes that such third-party sources are reliable sources of information, the Company has not independently verified the information. The Company has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources.
Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and 91制片厂 undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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