Transurban Group (ASX:TCL) said it struck a deal with La Caisse for the sale of its remaining 50% stake in the A25 concession in Montreal, Canada, according to a Monday filing with the Australian bourse.
Transurban expects to receive consideration of CA$280 million, and the deal's financial close is targeted by the end of June. The sale will see Transurban's A25 staff transition to La Caisse.
Additionally, the company said its May traffic inched 0.1% higher from a year earlier, following growth of 0.6% in April, amid the continuing impact of the current geopolitical and macroeconomic environment.
Over the course of May, Sydney traffic increased by 0.1% as construction activity from the M7-M12 interchange abated, and Melbourne traffic grew 1.7%, including the contribution from the West Gate Tunnel project.
Meanwhile, Brisbane traffic decreased 3.2% mainly due to weather impacts, with May experiencing approximately four times the rainfall recorded in the same month a year earlier.
Transurban also said it completed the M7-M12 integration project in New South Wales, and the M7-M12 interchange opened to traffic on Sunday.
The company's shares were down nearly 1% in recent Monday trade.