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Aecon completes sale of minority interest in Bermuda International Airport concessionaire for US$120M

Date Closed

September 20, 2023

Lead Office



120.00 Million USD

On September 20, 2023, Aecon Group Inc. (“Aecon”) announced that it has closed the previously disclosed 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 (Bermuda International Airport) concessionaire, Bermuda Skyport Corporation Limited (“Skyport”), for US$120 million. Aecon Concessions has retained the management contract for the airport and will remain the controlling shareholder of Skyport, owning a 50.1 per cent interest. Solomon Partners served as exclusive financial advisor to Aecon, and McCarthy Tétrault LLP served as legal counsel.

Aecon Group Inc. is a national Canadian construction and infrastructure development company with global experience and is proud to be recognized as one of the Best 50 Corporate Citizens in Canada. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment and management services through its Concessions segment.

McCarthy Tétrault advised Aecon Group with a team led by Jody Aldcorn and Robin Mahood that included Danyal Bajwa, Rachael Carlson, Micky Hoskin, Sarah Chen (Business), and Kim Brown (Tax).