TORONTO, Dec. 10, 2015 /CNW/ - Aecon Group Inc. (TSX:ARE) announced today that it has completed the previously disclosed sale of its 45.5 per cent interest in the Quito International Airport concessionaire, Corporaciσn Quiport S.A. (Quiport), for US$232.6 million to Grupo Odinsa S.A. and CCR S.A.
The monetization of Aecon's investment generates approximate net cash proceeds (after transaction costs and estimated cash taxes) of US$195 million.
"We are very pleased to have finalized the sale of our interest in the Quito International Airport project and thank all of our partners for their collaborative efforts," said Teri McKibbon, President and Chief Executive Officer, Aecon Group Inc. "This landmark, public-private partnership is of particular pride for Aecon and illustrates our successful work on large-scale, turnkey projects."
Together with its partners, Aecon developed and financed the airport and held a 45.5 per cent stake in Quiport, the airport concessionaire. Aecon built the airport as part of a 50/50 joint venture engineer/procure/construct contract with Andrade Gutierrez Constructores S.A.
UBS Investment Bank served as exclusive financial advisor to Aecon on the transaction.
Aecon Group Inc. is a Canadian leader in construction and infrastructure development providing integrated turnkey services to private and public sector clients. Aecon is pleased to be consistently recognized as one of the Best Employers in Canada.
The information in this press release includes certain forward-looking statements. These "forward-looking" statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to: the timing of projects, unanticipated costs and expenses, general market and industry conditions and operational and reputational risks, including Large Project Risk and Contractual Factors. Readers are referred to the specific risk factors relating to and affecting Aecon's business and operations as filed by Aecon pursuant to applicable securities laws. Forward-looking statements may include, without limitation, statements regarding the operations, business, performance, prospects, strategies and outlook for Aecon. Forward-looking statements, may in some cases be identified by words such as "will," "plans," "believes," "expects," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Aecon Group Inc.
For further information: David Smales, EVP and Chief Financial Officer, Aecon Group Inc., 416-297-2619, email@example.com, www.aecon.com