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Aecon completes sale of interest in Quito International Airport concession

Dec 10, 2015

Toronto, ON – December 10, 2015: 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.