Canadian engineering firm SNC-Lavalin (SNC) is selling its Scandinavian business unit to privately held French consulting firm Systra Group for $136 million.
The sale is the first significant change SNC-Lavalin has made as it undertakes a strategic review of its worldwide business operations.
The sale to Systra Group, which specializes in public transportation, is for 80 million British pounds, which equates to $136.11 million at the current exchange rate.
SNC-Lavalin began its strategic review in March of this year, saying it plans to move away from construction projects and focus instead on providing engineering services to the green energy sector.
The Scandinavian business unit generated about $95 million in annual revenue for SNC-Lavalin, which is less than 5% of the company’s yearly total.
The sale of the Scandinavian unit, which employs about 750 people in Denmark, Sweden, and Norway, is expected to close this autumn.
SNC-Lavalin’s stock has risen 55% over the last 12 months to trade at $34.87 per share.
