Cimic to divest stake in Nextgen

Construction firm CIMIC has agreed to sell its 29 per cent stake in Nextgen Group to Ontario Teachers' Pension Plan (OTTP).

Construction firm CIMIC has agreed to sell its 29 per cent stake in Nextgen Group to majority shareholder Ontario Teachers' Pension Plan (OTTP).

CIMIC says it expects to receive total net proceeds from the divestment of between $190 million to $210 million, with the final financial impact known after the completion of the divestment by the end of 2016.

Earlier this year, Cimic and OTTP agreed to sell the Nextgen's data connectivity services business, the North West Cable System and the Australia Singapore Cable Project, to Vocus Communications for $807 million.