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Aecon to Sell Minority Interest in Bermuda International Airport Concessionaire for US$128.5 million
Aecon to Sell Minority Interest in Bermuda International Airport Concessionaire for US$128.5 mill...
About this update from Aecon Group Inc.
[{"type":"text","content":"\n \n \n \n Aecon to Sell Minority Interest in Bermuda International Airport Concessionaire for US$128.5 million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 15, 2023\n \n \n /CNW/ - Aecon Group Inc. (TSX: ARE) (\"Aecon\" or the \"Company\") announced today that it has entered into an agreement with Connor, Clark & Lunn Infrastructure (\"CC&L Infrastructure\") to sell a 49.9 per cent minority interest in the L.F. Wade International Airport (\n \n Bermuda\n \n International Airport) concessionaire, Bermuda Skyport Corporation Limited (\"Skyport\"), for\n \n US$128.5 million\n \n .\n \n \n Aecon Concessions will retain the management contract for the airport and remain the controlling shareholder of Skyport, owning a 50.1 per cent interest. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2023.\n \n \n \"This transaction highlights the value of the\n \n Bermuda\n \n International Airport concession and underlines the contribution of the Concessions' portfolio of projects to Aecon,\" said\n \n Jean-Louis Servranckx\n \n , President and Chief Executive Officer, Aecon Group Inc. \"Aecon continues to target a prudent balance sheet while preserving capital for other long-term growth and concession opportunities.\"\n \n \n CC&L Infrastructure is an affiliate of Connor, Clark & Lunn Financial Group, a Canadian asset management firm with over\n \n C$100 billion\n \n of financial assets under management. CC&L Infrastructure brings significant experience partnering with international and local developers, operators, and management teams with over 90 infrastructure projects in\n \n North America\n \n and other select creditworthy jurisdictions.\n \n \n \"We are very pleased to welcome CC&L Infrastructure as a financial partner and look forward to working together to continue to deliver value to\n \n Bermuda\n \n through this award-winning airport,\" said Steve Nackan, Executive Vice President a...