Parties
Company
Aazhogan Limited Partnership
Company
Resolute Forest Products
On May 20, 2022, Aazhogan Limited Partnership, a collaboration between Rainy River First Nations and The BMI Group, announced the acquisition of the Canadian bridge assets of the International Bridge, which connects Fort Frances, Ontario, and International Falls, Minnesota. This purchase, complementing their earlier acquisition of the U.S. side in May 2021, marks full ownership of the key toll bridge and international border crossing.
The transaction, a historic event for Rainy River First Nations, was celebrated by Chief Rob McGinnis. He emphasized the ancestral significance of the river and the bridge's role in the community's history, highlighting its importance as a traditional corridor for living, fishing, hunting, and trading.
The International Bridge consists of two parallel bridges built in 1908 and 1979, made of steel and concrete, respectively. It stands as the busiest border crossing in northwestern Ontario, serving as a crucial socio-economic link for tourism and commercial trade between Canada and the United States.
Paul Veldman, President of the BMI Group, expressed excitement over the partnership with Rainy River First Nations. He stressed the bridge's role in sustaining the economy and enhancing the experience for visitors crossing into Fort Frances and International Falls.
The bridge acquisition is part of Rainy River First Nations' broader strategy of forming strategic partnerships and business ventures aimed at economic growth and opportunity creation. Chief McGinnis highlighted the partnership as a model for future transactions, reflecting the community's commitment to self-sufficiency and self-government.
Deal Type
Merger & AcquisitionIndustry
OtherTransaction
Undisclosed/ConfidentialDeal Status
ClosedClosing Date
20 May 2022