Aecon sale globe and mail

You're referring to the recent sale of Aecon Group Inc., a Canadian construction and infrastructure development company, to Caisse de dépôt et placement du Québec (CDPQ) and the Public Sector Pension Investment Board (PSP Investments).

Here are the details of the sale, as reported by The Globe and Mail:

Sale Details:

• Aecon Group Inc. was sold to CDPQ and PSP Investments for approximately $3.5 billion.
• The sale was announced on August 14, 2018, and was completed on October 31, 2018.
• CDPQ acquired a 46.7% stake in Aecon, while PSP Investments acquired a 53.3% stake.

Background:

• Aecon was founded in 1867 and has a long history of construction and infrastructure development in Canada.
• The company has a diverse portfolio of projects, including transportation infrastructure, energy, and building construction.
• In 2017, Aecon was acquired by a consortium of investors, including CDPQ and PSP Investments, for approximately $1.5 billion.

Reasons for the Sale:

• The sale was reportedly driven by Aecon's desire to reduce its debt and improve its financial flexibility.
• The company had been facing increased competition in the Canadian construction market, which had put pressure on its profitability.

Impact on the Canadian Construction Industry:

• The sale of Aecon is expected to have a significant impact on the Canadian construction industry, particularly in the areas of transportation infrastructure and energy development.
• The new ownership structure is expected to provide Aecon with the financial resources and expertise needed to pursue larger and more complex projects.

Overall, the sale of Aecon to CDPQ and PSP Investments is a significant development in the Canadian construction industry, and is expected to have a lasting impact on the company's operations and future growth prospects.