Aecon Group Inc. is selling all of its contract mining business which mainly operates here in our region.
The Calgary-based company announced Wednesday, North American Construction Group Inc. is purchasing substantially all of the assets for $199.1 million in cash.
“Aecon is executing on a record level of backlog and pursuing an unprecedented number of opportunities across our Infrastructure and Industrial segments,” said Jean-Louis Servranckx, President and CEO of Aecon.
Aceon’s contract mining provides overburden removal and environmental reclamation services primarily in the oilsands in the Fort McMurray area.
Upon signing the asset purchase agreement, NACG paid Aecon a $10 million deposit – with the remaining balance to be paid in four installments.
Aecon says it will continue operations with no disruptions to its employees or clients pending the closing of the sale, which is subject to various conditions, including necessary regulatory approvals.