Connor, Clark and Lunn Acquisition of Bermuda International Airport Stake

On September 20, 2023, Connor, Clark & Lunn Infrastructure ("CC&L Infrastructure") completed the acquisition of a 49.9% minority interest in Bermuda Skyport Corporation Limited ("Skyport") from Aecon Group Inc. ("Aecon"), the concessionaire for the L.F. Wade International Airport ("Bermuda International Airport"), for a purchase price of US$120 million.

The Bermuda International Airport provides the sole aviation access to the island for both international and Bermudian travelers. Redevelopment of the modern, world class airport, with a new state-of-the-art passenger terminal building, was completed in 2020 under a concession agreement between Skyport, a wholly-owned subsidiary of Aecon Concessions, and the Bermuda Airport Authority. Skyport is responsible for the operation, maintenance, and commercial functions of the airport and coordinates the overall airport redevelopment project under the concession agreement, which has 24 years remaining on its original 30-year term.

Aecon Concessions will retain the management contract for the airport and remain the controlling shareholder of Skyport, owning a 50.1% interest.

Further information can be found on Canada Newswire’s website.

Skyport is a special-purpose Bermudian company.

CC&L Infrastructure invests in middle-market infrastructure assets and has accumulated over C$5 billion in assets under management diversified across a variety of geographies, sectors, and asset types, with over 90 underlying facilities across over 30 individual investments. It is part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage more than C$100 billion in assets.

Aecon is a national Canadian construction and infrastructure development company with global experience. It delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment and management services through its Concessions segment.