Aecon reduces stake in Caribbean airport P3

Credit: CC&L

Aecon has sold a significant share of the Bermuda International Airport P3 concession.

Connor, Clark & Lunn Infrastructure will pick up a 49.9% share from Aecon for $120m.

Aecon will remain in charge of the airport, retaining a 50.1% interest, and managing the airport. The contract has 24 years left.

“We are excited to expand to a new sector and geography with the addition of this interest in a world-class airport,” said Matt O’Brien, president of CC&L Infrastructure.

CIBC Capital Markets and Torys advised CC&L Infrastructure on the transaction.