Aecon Group selling Ontario road building business for $235 million | 24CA News
Aecon Group Inc. has signed a deal to promote its highway constructing business in Ontario to Green Infrastructure Partners Inc. (GIP) for $235 million in money.
Under the settlement, GIP will purchase Aecon Transportation East (ATE), which builds roads all through Ontario for the provincial authorities, municipalities and personal shoppers.
Aecon says it can signal a strategic co-operation settlement with GIP upon the closing of the deal
ATE has a workforce of about 1,000 workers.
Aecon says it plans to make use of the online proceeds from the sale to pay down debt.
Aecon Group CEO Jean-Louis Servranckx says the sale is in step with the corporate’s purpose of concentrating on prudent steadiness sheet leverage and liquidity and likewise reduces the general capital depth of Aecon’s business.
