...Toronto-based 407 International Inc. owns 100% of 407 ETR Concession Co. Ltd., which holds a 99-year lease to operate and maintain Highway 407. The highway is the world's first all-electronic, open-access long toll highway, running 108 kilometers (km) just north and west of Toronto through some of the city's more congested areas. The highway consists of four-, six-, eight-, and 10-lane sections (expandable to eight and 10 lanes in certain sections). The highway system provides congestion relief to the Greater Toronto Area (GTA) road network, attracting motorists willing to pay a toll away from busy toll-free alternate routes. 407 is currently owned by Cintra Global S.E. (43.23%), a subsidiary of Grupo Ferrovial; SNC-Lavalin Inc. (16.77%); and the Canada Pension Plan Investment Board (CPPIB; 40%). SNC-Lavalin is in the process of selling 10.01% of its interest, which is currently under dispute. We do not believe the sale or dispute has any impact on the project. SNC-Lavalin initially entered...
