Caixin
BUSINESS & TECH

Chinese Construction Firm Plans to Buy Canada's Aecon

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.

ladingImg
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright © 2018 Caixin Global Limited. All Rights Reserved.