Vinci Highways is to acquire a controlling stake in Strait Crossing Development (SCDI), the concession holder for the Confederation Bridge concession in Canada’s Atlantic region.
The 12.9km bridge spans the Northumberland Strait was opened in 1997, connecting the island province of Prince Edward Island to the mainland province of New-Brunswick – Canada’s longest bridge. The French Vinci Group – parent of the concessions business Vinci Highways – had been involved throughout the construction phase of the bridge, the world’s longest over ice-covered water.
Vinci Highways agreement with OMERS Infrastructure is to acquire its 65.1% stake in Strait Crossing Development Inc (SCDI), the company owning the concession contract for the Confederation Bridge until 2032.
With the acquisition, Vinci Highways, a long-term shareholder of SCDI, increases its stake in the company from 19.9 per cent to 85 per cent. SCDI generated revenues of US$33.6 million in 2019. The Vinci Group employs 5,200 people in Canada and earned $1.75 billion of revenue in the country in 2021.
OMERS Infrastructure, based in Toronto, Canada, is the infrastructure investment advisor and manager of OMERS, the benefit pension plan for municipal employees in the Canadian province of Ontario.
The box-girder tolled Confederation Bridge that carries the Trans-Canada Highway was built at a cost of US$1.03 billion.
It is a multi-span balanced cantilever bridge with a post-tensioned concrete box girder structure. Most of the curved bridge is 40m above water with a 60m navigation span for ship traffic. The bridge rests on 62 piers, of which the 44 main piers are 250m apart.
The 11m-wide bridge carries only two lanes of traffic each 3.75m wide and has a 1.75m emergency shoulder lane in each direction. The normal travelling speed is 80kph and it takes around 10-12 minutes to cross. Overtaking is not permitted.
In 2019, the government of Prince Edward Island said it would invest around US$170 million over four years to improve roads, including resurfacing 270km of highways.
