Manitoba government sells property registry to private firm, Teranet

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WINNIPEG - The Manitoba government is selling off its property registry to a private company.

Teranet Manitoba will pay the government $75 million for the agency, which holds property titles, land surveys, vehicle registrations and other records.

More than 130 government workers will be transferred to the private firm and the government says there will be no layoffs.

Finance Minister Stan Struthers says Teranet has been doing the same thing in Ontario and has developed expertise in the area.

Struthers says the government will maintain the authority to set fees paid by consumers and will receive millions of dollars in royalties every year from Teranet.

The sale is part of a promise made in last spring's budget to sell $83 million in government assets.

Geographic location: Manitoba, WINNIPEG, Ontario

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