Skanska, the Swedish infrastructure group, has sold its 50 percent stake in Norway’s E39 road public-private partnership (PPP) to two of its employee pension funds for SEK170 million (€17 million; $24 million).
The company expects to book a capital gain of SEK100 million, to be recognised during its first quarter. Skanska Norway’s pension trust and Skanska Trean Allman Pensionsstiftelse were the buyers, splitting the purchase cost halfway. However, Skanska’s PPP unit will continue to manage and operate the road, the company said in a statement.
The E39 road, to the south of Trondheim, Norway’s fourth largest city, was completed in 2005 with the concession contract lasting until 2031. The road PPP receives availability payments from the Norwegian Public Roads Administration, a form of regulated government payment in exchange for the road being made available by the concessionaire.