Roads & Paving
Aecon selling Ontario roadbuilding business to Green Infrastructure Partners for $235 million
March 6, 2023 By Don Horne
Aecon Group Inc. has entered into a definitive purchase agreement with Green Infrastructure Partners Inc. under which Aecon has agreed to sell its Aecon Transportation East (ATE) roadbuilding, aggregates and materials businesses in Ontario for $235 million in cash.
“Aecon’s efforts are increasingly focused on helping meet its clients’ sustainable infrastructure needs and harnessing the opportunities that are expected to come from the transition to a net zero economy through decarbonization,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “This transaction is consistent with Aecon’s goal of targeting prudent balance sheet leverage and liquidity and also reduces the overall capital intensity of Aecon’s business.”
ATE provides roadbuilding infrastructure solutions throughout Ontario to the provincial government, municipalities, and private clients through a workforce of approximately 1,000 employees.
In 2022, ATE’s revenue represented approximately seven per cent of Aecon’s consolidated revenue as part of the Construction segment.
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