<article>Contract miner <a style="color: #000080;" href="http://www.cimic.com.au/" target="_blank">CIMIC Group</a> has agreed to sell all of its 29 per cent interest in network connectivity provider <a style="color: #000080;" href="https://www.nextgengroup.com.au/" target="_blank">Nextgen Group</a> to <a style="color: #000080;" href="https://www.otpp.com/" target="_blank">Ontario Teachers’ Pension Plan</a>, the company announced today.</article>

Contract miner <a style="color: #000080;" href="http://www.cimic.com.au/" target="_blank">CIMIC Group</a> has agreed to sell all of its 29 per cent interest in network connectivity provider <a style="color: #000080;" href="https://www.nextgengroup.com.au/" target="_blank">Nextgen Group</a> to <a style="color: #000080;" href="https://www.otpp.com/" target="_blank">Ontario Teachers’ Pension Plan</a>, the company announced today.
Ontario Teachers, which currently holds 71 per cent of Nextgen, will, as a result, have 100 per cent ownership of the company.
CIMIC said, it expects to receive total net proceeds from its exit from Nextgen Group of approximately $190 million to $210 million. This is subject to commercial conditions, retention amounts, customary adjustments and deductions for transaction costs and debt.
“The final financial impact on CIMIC will be known after completion of the divestment, expected by the end of 2016,” said the firm in an official statement.
Nextgen Group comprises the Nextgen Networks data connectivity services business, the North West Cable System, the Australia Singapore Cable Project and the Metronode data centre business.
CIMIC’s agreement with Ontario Teachers was subject to the close of Nextgen’s sale of network assets to <a style="color: #000080;" href="https://www.vocus.com.au/" target="_blank">Vocus Communications</a>, which was announced on June 29. The deal entails selling Nextgen Networks, the North West Cable System and the Australia Singapore Cable Project (Networks Sale) to Vocus.
Marcelino Fernández Verdes, CIMIC Group Executive Chairman and Chief Executive Officer said, the sale of the company’s share in Nextgen marks the realization of the value built during beneficial partnership with Ontario Teachers’.
“Our focus remains on the delivery of sustainable returns to all shareholders through our core businesses of construction, mining, mineral processing and public private partnerships,” he said.
CIMIC is one of the world’s leading international contractors and largest contract miner, providing construction, mining, mineral processing, engineering, concessions, and operation and maintenance services to the infrastructure, resources and property markets.
It operates in more than 20 countries throughout the Asia Pacific, the Middle East, North America, Sub‐Saharan Africa and South America. Up until June, the company employs approximately 43,500 people directly and through investments.
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Australian contract miner CIMIC exits Nextgen, sells 29% to Ontario Teachers

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