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Troubled SNC-Lavalin Group Inc. said it is selling a 10.01 per cent stake in Highway 407, a key artery in Ontario, to The Ontario Municipal Employees Retirement System, or OMERS.

The Montreal-based engineering firm, which is the subject of a political storm in Ottawa, said it expects to generate $3.25 billion from the sale. The company will retain a 6.76 per cent stake in the toll road. Cintra Global S.E., a wholly owned subsidiary of Spanish firm Ferrovial S.A., owns 43.23 per cent in Highway 407 ETR, while indirectly owned subsidiaries of Canada Pension Plan Investment Board owns 40 per cent.

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Neil Bruce, president and chief executive officer of SNC-Lavalin said in a statement that the asset that has been undervalued by the market for years.

“Through this transaction, we are able to benefit from crystallizing some of this value, while retaining an interest in a successful Canadian infrastructure asset that we are proud to have helped build,” Bruce said in a statement.