SNC-Lavalin selling stake in Highway 407 to OMERS for $3.25B

MONTREAL -- SNC-Lavalin Group Inc. has signed a deal to sell part of its stake in Ontario's 407 toll highway operator for $3.25 billion -- some of which will be used to repay part of a loan from Quebec's pension fund. The OMERS pension plan will buy a 10.01 per cent stake in 407 International Inc., a deal that will reduce SNC-Lavalin's interest to 6.76 per cent, according to an agreement announced Friday. For more than six months, SNC-Lavalin has been mulling a partial sale to help pay down its