CCCI to buy Canadian contractor23 November 2017
China/Canada - Aecon has announced that it will be bought by CCC International. The agreement will see the Chinese company purchase all issued and outstanding Aecon shares for a total value of CAD 1.51bn (USD 1.2bn).
“We believe this is a very positive outcome for Aecon and our key stakeholders,” said Hon. Brian V. Tobin, Aecon chair. “This transaction is the result of an active and diligent sale process that has enabled us to select an outstanding partner and create significant shareholder value.”
The president of CCCI praised Aecon’s management team, while an Aecon spokesperson listed the following benefits:
- CCCI’s considerable financial backing
- Entry into larger projects worldwide
- The company continues to be headquartered in Canada
- Employee retention
- Continuity of management and domestic corporate standards
- Sustainability and social policies to remain the same
CCCI is the overseas investment and financing arm and a wholly-owned subsidiary of China Communications Construction Company Limited (CCCC), one of the world’s largest engineering and construction groups. CCCI has seen considerable growth in recent years, including through its successful 2015 acquisition of John Holland, one of Australia’s largest engineering and construction companies.