On December 2, 2010, a consortium of Canadian investors led by Fiera Axium Infrastructure Inc. and composed of Fiera Axium Infrastructure Canada L.P., Régime de rentes du Mouvement Desjardins and Nova Scotia Pension Agency (the “Consortium”) acquired 100 per cent of the economic interests in the concession rights associated with the Sea-to-Sky Highway Improvement Project – a $600 million project, completed in 2010, which serves the Vancouver-Whistler corridor – and the Anthony Henday Drive Southeast Leg Ring Road – a $365 million project completed in 2007, which forms part of the ring road serving the City of Edmonton – from Macquarie Essential Assets Partnership (“MEAP”).
The two road projects are successful public-private partnerships with the Provinces of British Columbia and Alberta, respectively.
Financial details of the sales were undisclosed.
The Consortium was represented by Frédéric Brassard, Vice President, Corporate Development and Legal Affairs, and by Stikeman Elliott LLP with a team including Michael Allen, Maxime Turcotte, Luc Boucher, Kim Le and Marie-Ève Ferland (corporate); Greg Plater (environment); Sylvia Avedis and Marie-Josée Marcoux (financing) and Stephen Hamilton (regulatory).
MEAP was represented by Stuart Miller, Senior Vice President and General Counsel, and by Blake, Cassels & Graydon LLP with a team including John-Paul Bogden, Jeffrey Merrick, Matthew Ely and Polina Lussier (corporate/infrastructure); Anne Stewart (financing); Bill Maclagan (tax) and Julie Soloway (regulatory).