has signed a deal to sell its road building business in Ontario to Green Infrastructure Partners Inc. for $235-million in cash.
Under the agreement, GIP will acquire Aecon Transportation East , which builds roads throughout Ontario for the provincial government, municipalities and private clients. Aecon says it will sign a strategic co-operation agreement with GIP upon the closing of the deal ATE has a workforce of about 1,000 employees.Aecon Group CEO Jean-Louis Servranckx says the sale is consistent with the company’s goal of targeting prudent balance sheet leverage and liquidity and also reduces the overall capital intensity of Aecon’s business.Your Globe
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