Canada-based Aecon has signed a US$1.51 billion deal to be bought by CCCI, a subsidiary of China Communications Construction Company (CCCC).
All of the issued and outstanding common shares of Aecon will be acquired for $20.37 per share in cash.
Brian Tobin, Aecon’s chairman, said, “We believe this is a very positive outcome for Aecon and our key stakeholders.”
It was said that, as a result of this acquisition, Aecon would gain access to new platforms and partnerships for continued growth in Canada and abroad, due to its enhanced capabilities and financial resources, while CCCI continued to advance its global growth strategy.
Lu Jianzhong, President of CCCI, said, “Aecon has a strong management team and a very impressive track record that have made it a leading construction company in Canada and a pioneer in public private partnerships and concession operations. It will now gain access to significant capital, complementary infrastructure expertise and an international network to support its growth ambitions.”
Aecon will retain its name and will continue to be managed by its Canadian team from its headquarters in Calgary, Canada.