Aecon Group Inc. has signed a deal to sell its road building business in Ontario to Green Infrastructure Partners Inc. (GIP) for $235 million in cash.
Under the agreement, GIP will acquire Aecon Transportation East (ATE), which builds roads throughout Ontario for the provincial government, municipalities and private clients.
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Aecon says it will sign a strategic co-operation agreement with GIP upon the closing of the deal
ATE has a workforce of about 1,000 employees.
Aecon says it plans to use the net proceeds from the sale to pay down debt.
Aecon Group CEO Jean-Louis Servranckx says the sale is consistent with the company’s goal of targeting prudent balance sheet leverage and liquidity and also reduces the overall capital intensity of Aecon’s business.
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