North American Construction Group acquires Aecon Group Inc for $199mn

By Andrew Woods
North American Construction Group Inc. (NACG) Aecon Group Inc. has closed the definitive asset purchase agreement to acquire substantially all of the as...

North American Construction Group Inc. (NACG) Aecon Group Inc. has closed the definitive asset purchase agreement to acquire substantially all of the assets related to Aecon’s Contract Mining business for $199.1 million in cash, subject to customary closing adjustments.

The closing is consistent with the previous announcement issued on October 3, 2018, and is effective November 23, 2018.  

The $300mn credit agreement provided to NACG was supplied by a banking syndicate led by National Bank Financial, and more than doubled NACG’s borrowing capacity.

EE ALSO:

Jason Veenstra, NACG chief financial officer said: “The acquisition of the heavy equipment fleet of Aecon is an exciting milestone event for NACG and we were pleased to work with our supportive syndicate members to finance this important opportunity.”

Aecon Group Inc. is a Canadian leader and ‘partner-of-choice’ in construction and infrastructure development and provides integrated turnkey services to private and public-sector clients in the Infrastructure and Industrial sectors, and provides project management, financing and development services through its Concessions segment.

 

Share

Featured Articles

Open ECX is transforming construction with digital solutions

Open ECX offers innovative, cloud-based e-trading solutions for the construction sector and its associated supply chain

Bechtel and CWP Global spot Africa green hydrogen potential

Partnership involving CWP Global and Bechtel to provide planning solutions for integrated configurations involving green hydrogen facilities

'Better with Bellway' sustainability strategy launched

Bellway's new sustainability strategy coincides with half-year results in which the UK homebuilder's operating profit rose 11.6% to £332.2mn

Construction of utility scale solar farms to accelerate

Construction Projects

China's longest reconstructed bridge to open early April

Construction Projects

Construction firms must focus on water neutrality

EPC