Aecon extends deadline to complete CCCI deal as federal review continues
The deadline for Aecon Group Inc. to complete its sale to a Chinese state-owned business has been extended to July 13 as Ottawa continues its national security review of the $1.5-billion deal.
The Toronto-based construction company and acquirer CCCC International Holding Ltd. (CCCI) had faced a self-imposed deadline of Friday to close the controversial transaction.
“The parties chose to extend the outside date because of the ongoing review of the proposed transaction under the Investment Canada Act,” Aecon said in a brief statement on Wednesday.
“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.”