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Spain’s Ferrovial said on Tuesday its infrastructure unit Cintra had agreed to sell a 10 percent stake in a Canadian toll road operator for 640 million euros.
In a regulatory filing, the company said it was selling the stake in 407 ETR Concession Company to the Canada Pension Plan Investment Board.
The 407 ETR Concession Company Limited is the operator and manager of highway 407, which extends 108 kilometres (67 miles) east-west just north of Toronto, Canada’s largest city.
Cintra currently owns 53.23 percent of 407 ETR, Intoll Group holds 30 percent and SNC-Lavalin Inc the remaining 16.77 percent.
Ferrovial posted a loss of 164.5 million euros during the first half of the year, compared with a loss of 278.2 million euros a year earlier.