SNC-Lavalin sells Canadian FM business
SNC-Lavalin is to sell its Canadian real estate facilities management business for CA$45m (£26m) to Brookfield Global Integrated Solutions.
The deal covers facilities management, property management, realty management and related project management aspects of the business, which has approximately 1,100 employees in Canada.
This sale is a result of a review carried out under SNC-Lavalin’s ‘Operational Excellence’ approach, which identified these activities as non-core to the business strategy.
“We are aligning our Operations & Maintenance business in Canada with SNC-Lavalin’s core sectors, by focusing on providing operations and maintenance services in transportation, social infrastructure, P3s, industrial, power, defence and logistics, and oil and gas,” said Ian Edwards, president, infrastructure, SNC-Lavalin. “We are pleased to sell our Real Estate Facilities Management business in Canada to another solid Canadian company. Brookfield is the ideal owner to provide the investment, client care and long term planning to grow it.”
Gord Hicks, president and CEO, Americas, at Brookfield Global Integrated Solutions said: “We are excited about the opportunity to leverage the scale, knowledge and expertise of the combined operations to enhance the business performance of our existing and newly acquired clients.” said
The agreement is subject to customary regulatory and other approvals, and is expected to close by the end of this year.
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This article was published on 5 Jul 2016 (last updated on 5 Jul 2016).