Swedish contractor Skanska is selling its 32% stake in LaGuardia Gateway Partners to fellow stakeholders Vantage Airport Group of Canada and French investor Meridiam.

LaGuardia Gateway Partners is responsible for the development and operation of the Terminal B project, which they are carrying out as a public-private partnership (PPP) with the Port Authority of New York and New Jersey.

The operating lease on the project is due to run until 2050.

The project engineering and construction of the terminal was completed in July 2022 and conducted through a design-and-build joint venture led by Skanska.

Skanska’s contract was the company’s biggest ever at $2.8bn when announced in 2016. However, in 2018, it said it would no longer bid for high-value PPP contracts in the US following a $100m write-down on two unnamed schemes.