06:56 AM EDT, 03/13/2025 (MT Newswires) -- AtkinsRealis Group Inc. ( SNCAF ) , an engineering services and nuclear company with offices around the world, entered Thursday into agreements with a subsidiary of Ferrovial SE, and with a subsidiary of Canada Pension Plan Investment Board to sell all of its remaining 6.76% interest in the shares of 407 International Inc., a toll highway traversing the Greater Toronto Area, in Ontario, Canada, for total gross proceeds of up to approximately $2.79 billion.

Separately, ATRL announced today that the Toronto Stock Exchange has approved the renewal of the company's normal course issuer bid to purchase for cancellation up to 13,945,331 common shares of the company over the 12-month period commencing on March 17, 2025 and ending no later than March 16, 2026, representing near 10% of ATRL's public float as of March 3, 2025.

A statement noted the sale will be concluded through a Share Purchase Agreement and a Put and Call Option Agreement. It involves the sale of 5.06% Interest in Highway 407 ETR to Ferrovial, and sale of 1.70% Interest in Highway 407 ETR to CPP Investments.

It said the closing of the sale transactions under the Share Purchase Agreement and the Ferrovial Put and Call Agreement are conditional on the closing of the sale of CPP Investments' 7.51% interest in the shares of Highway 407 ETR to Public Sector Investment Board, as well as other customary closing conditions. These transactions are expected to close during the second quarter of 2025.

"Net proceeds from the transactions will be deployed in line with the company's capital allocation priorities outlined at its 2024 Investor Day, and based on what management and the board of directors believe would be in the best interests of the company and most accretive to shareholder value over time. This would include paying down indebtedness, potentially funding additional growth through small and mid-size acquisitions, and returning capital to shareholders. Note that management expects a mid to high single digit percentage effective cash tax rate on the net gain on the sale through the use of the company's available non-capital losses."

ATRL rose $1.80 or 2.9% to $64.66 on the TSX yesterday.