On August 20, 1999, 407 International Inc. closed the sale of $650 million in the 5.328% Real Return Bonds, payable in four series maturing in 2016, 2021, 2026 and 2031. The proceeds were applied to repay a portion of the bridge financing put in place for the May 5 purchase of Highway 407.

A consortium consisting of Ferrovial Agroman Internactional, S.A., Cintra, SNC Lavalin Inc. and Capital D'Amerique CDPQ, acquired the shares of the corporation holding a 99 year ground lease from the Province of Ontario for $3.107 billion, plus the assumption of obligations to complete highway construction at a cost of more than $500 million. This represented one of Canada's largest privatizations and the second largest toll road privatization in the world to-date.

Fasken Campbell Godfrey advised The Province of Ontario on the sale, with a team comprised of W. Thomas Barlow (municipal), David Doubilet (corporate), Bruce Salvatore (real estate), Rosalind Cooper (environmental), Steven D'Arcy (tax), and Scott Wallace (corporate).