(Scott Deveau – Bloomberg)
Aecon Group Inc. agreed to be acquired by a unit of China Communications Construction Co. for C$1.19 billion ($930 million) in cash, giving the Canadian company more heft to bid on global infrastructure projects.
Aecon, which helped build Toronto’s landmark CN Tower, said in a statement CCCC International Holding Ltd. would pay C$20.37 a share, or 23 percent higher than Aecon’s closing price Wednesday. The company will continue to be based in Canada with a Canadian management team.
"We believe this is a very positive outcome for Aecon and our key stakeholders," Brian Tobin, Aecon’s chairman, said in the statement.
The companies said CCCI’s size and financial strength will augment Aecon’s access to capital and its ability to compete for larger and more complex projects in Canada and around the world. The deal is worth C$1.51 billion including debt, the companies said. Click here to read more.