Timing aligns with previously disclosed approval expectation
Toronto, Ontario – March 28, 2018: Aecon Group Inc. (TSX: ARE) today announced that by mutual agreement, it is extending the Outside Date for completing the Plan of Arrangement with CCCC International Holding Limited (CCCI) to July 13, 2018.
The parties chose to extend the Outside Date because of the ongoing review of the proposed transaction under the Investment Canada Act. As Aecon previously disclosed in February, its expectation is that, assuming approval under the Investment Canada Act and the satisfaction of other customary closing conditions for a transaction of this nature, the transaction will close before the end of the second quarter and before the July 13, 2018 Outside Date of the Arrangement Agreement.
As previously disclosed, the Commissioner of Competition has issued a "no action" letter in respect of the proposed transaction, Aecon shareholders have voted overwhelmingly in favour of it, the Ontario Superior Court of Justice (Commercial List) has approved the Plan of Arrangement, and CCCI has received approval from the National Development and Reform Commission. Completion of the proposed transaction remains subject only to approval under the Investment Canada Act and other customary closing conditions for a transaction of this nature.
Both Aecon and CCCI remain committed to working with the Investment Review Division to obtain approval of the transaction.
Aecon Group Inc. (TSX: ARE) is a Canadian leader and partner-of-choice in construction and infrastructure development. Aecon provides integrated turnkey services to private and public-sector clients in the Infrastructure, Energy and Mining sectors and provides project management, financing and development services through its Concessions segment. For more information, please visit aecon.com and follow us on Twitter at @AeconGroup.