Spain's ACS cuts stake in Canadian toll road

Sun Dec 11, 2016 8:00am EST
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MADRID (Reuters) - Spanish builder ACS (ACS.MC: Quote) has sold the bulk of its 50 percent stake in Canada's South Fraser Perimeter Road, a company which manages part of a highway in Vancouver, to two Canadian funds, it said in a statement on Sunday.

ACS, which runs other toll roads in Canada, said it would retain a minority stake in the project. Its holding now stands at 12.5 percent. It said it had signed a service contract to manage the highway and maintain it.

The Spanish firm did not detail how much it had raised from the sale. It sold its stake to Ontario-based infrastructure firm Connor, Clark & Lunn and Quebec-based pension fund Desjardins.

Canadian mining group Ledcor is also an equity partner in the road project.

(Reporting by Sarah White; Editing by Ros Russell)