Aecon to sell minority interest in Bermuda International Airport concessionaire for US$128.5M
March 15, 2023
128.50 Million USD
On March 15, 2023, Aecon Group Inc. (“Aecon”) announced 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 (Bermuda International Airport) concessionaire, Bermuda Skyport Corporation Limited (“Skyport”), for US$128.5 million. 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. Solomon Partners is serving as exclusive financial advisor to Aecon, and McCarthy Tétrault LLP is serving 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 is assisting Aecon Group with a team led by Jody Aldcorn and Robin Mahood that includes Kim Brown (Tax), Danyal Bajwa, Rachael Carlson and Micky Hoskin (Business).