Aecon shareholders back acquisition

Aecon's shareholders have voted in favor of its decision to accept a $1.5bn offer for the firm.

Approximately 99.4% of the votes cast by Aecon shareholders supported the move, which will see the company acquired by CCCC International (CCCI).

It is expected that Aecon will apply for a final order of the Ontario Superior Court of Justice (Commercial List) for approval of the arrangement on December 22, with completion of the transaction subject to this and other customary closing conditions.

“Assuming the satisfaction or waiver of these closing conditions, the arrangement is expected to close by the end of the first quarter of 2018,” Aecon said.

In October, the company announced it had entered into a definitive agreement with CCCI, which is the overseas investment and financing arm and a wholly-owned subsidiary of China Communications Construction Company.