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BUSINESS & TECH

Chinese Construction Firm Plans to Buy Canada's Aecon

By Teng Jing Xuan
CCCC has expanded its overseas presence in recent years, inking deals to acquire U.S. and Australian firms and working on a $1.4 billion port project in Sri Lanka. Pictured is one of its previous port projects, Shenzhen's Yantian port. Photo: China Communications Construction Company Ltd.
CCCC has expanded its overseas presence in recent years, inking deals to acquire U.S. and Australian firms and working on a $1.4 billion port project in Sri Lanka. Pictured is one of its previous port projects, Shenzhen's Yantian port. Photo: China Communications Construction Company Ltd.

State-owned China Communications Construction Co. (CCCC) has agreed to buy Canada's largest publicly listed infrastructure construction company Aecon Group Inc. for CA$1.45 billion ($1.13 billion).

Under the proposed deal, which is subject to Canadian government regulatory approval and an Aecon shareholders vote, the Toronto-based company would become a wholly owned subsidiary of CCCC's overseas investment unit. The plans calls for Aecon to be eventually delisted from the Toronto Stock Exchange, CCCC said in a Hong Kong Stock Exchange filing Thursday.

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