Aecon: airport project unaffected by buyout
The company building the island’s new airport terminal has agreed to be taken over by a Chinese firm.
But Aecon emphasised that it will be “business as usual” with the airport redevelopment project.
CCCC International Holding, a subsidiary of China Communications Construction Co, will buy Aecon for $1.5 billion, or $20.37 per share, in an all-cash deal.
Aecon is the prime contractor on the airport project, under a public-private partnership involving the Bermuda Government and the Canadian Commercial Corporation.
The Canadian construction firm said in August this year that it had hired advisers to help it find a buyer.
Steve Nackan, president of Aecon Concessions and chairman of Skyport, the company overseeing operations at LF Wade International Airport, said nothing would change in Bermuda after the takeover.
“We wish to confirm our steadfast commitment to Bermuda and the airport redevelopment project,” Mr Nackan said.
“It is business as usual at Aecon and on the Bermuda airport terminal construction project.
“This agreement will create value for our shareholders and enhance Aecon’s capabilities and growth potential, something that we’re very excited about.
“By joining the third-largest construction company in the world, Aecon and Skyport will ultimately benefit from enhanced capabilities and financial resources. However, Aecon will remain a Canadian company.
“This sale will have no impact on the day-to-day construction of the new airport terminal or Skyport.
“The Aecon management team and friendly Bermudian Skyport employees will remain in place and the new airport will be completed on time and on budget with the guarantee of the Canadian Commercial Corporation. We look forward to delivering a state-of-the-art terminal in 2020.”
Lu Jianzhong, the president of CCCCI, said: “This is an excellent fit for both of our companies. Aecon has a strong management team and a very impressive track record that have made it a leading construction company in Canada and a pioneer in public-private partnerships and concession operations.
“It will now gain access to significant capital, complementary infrastructure expertise and an international network to support its growth ambitions.”
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