Sweden's Skanska sells share in Virginia, U.S. project for $625 million

FILE PHOTO: Swedish builder Skanska sign is seen at the building site on Brompton Road in London, Britain November 7, 2018. Picture taken November 7, 2018. REUTERS/Anna Ringstrom

STOCKHOLM (Reuters) – Builder Skanska has agreed to sell its 50% share in Elizabeth River Crossings HoldCo LLC (ERC) for $625 million to Abertis and Manulife Investment Management, it said on Monday.

Skanska, the Nordic region’s largest builder and one of the biggest in the United States, said the final purchase price could be adjusted, while the completion of the deal was subject to regulatory approvals.

ERC was established by Skanska and Macquarie Infrastructure Partners II, a fund managed by Macquarie Infrastructure & Real Assets, in 2012 as part of a public-private partnership with the Virginia Department of Transportation.

The project was to renovate existing tunnels, construct a new tunnel and extend a freeway in the Hampton Roads metropolitan area in Virginia and assume all tolling operations and maintenance of the facilities through 2070.

Skanska said it expected the deal to close in the fourth quarter of 2020.

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