On March 13, 2025, AtkinsRéalis Group Inc. (TSX: ATRL) announced agreements to sell its remaining 6.76% stake in Highway 407 ETR, a toll highway in Ontario's Greater Toronto Area, for total gross proceeds of approximately $2.79 billion. The stake will be sold to subsidiaries of Ferrovial SE and Canada Pension Plan Investment Board (CPP Investments).

The sale of a 5.06% interest to Ferrovial is structured in two parts. A 3.30% stake will be sold under a Share Purchase Agreement, payable at closing, while the remaining 1.76% will be subject to a Put and Call Option Agreement, exercisable within 18 months post-closing. This portion is valued at approximately $2.09 billion, with the option price adjustable based on the exercise date.

CPP Investments will acquire a 1.70% interest under the same Share Purchase Agreement. The transaction, valued at around $700 million, allows CPP Investments up to 18 months for payment, with price adjustments based on the timing.

The transactions are contingent on the closing of CPP Investments’ sale of its 7.51% stake in Highway 407 ETR to PSP Investments and other customary conditions. Completion is expected in Q2 2025.

RBC Capital Markets acted as financial advisor and Norton Rose Fulbright as legal advisor to AtkinsRéalis.