The vehicles of this infrastructure firm have been a familiar sight across Canada at projects as varied as Toronto’s CN Tower and the Vancouver Olympics. Now the company changes hands as it accepts a $1.5 billion takeover bid from China’s CCCC International Holding Ltd.
The new owner has agreed to keep the company’s headquarters in Canada and maintain its Canadian employees. The deal still requires regulatory approval from both Canadian and Chinese authorities.
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AECON GROUP INC. (symbol ARE on Toronto; www.aecon.com) is one of Canada’s largest infrastructure developers. Aecon and its predecessors built Canadian landmarks like the CN Tower, the St. Lawrence Seaway, the Calgary Olympic Oval and the Halifax Shipyards.
Aecon is now the subject of a $1.51 billion takeover bid from China’s CCCC International Holding Ltd. CCCC is a publicly traded company in Hong Kong and Shanghai.
CCCC is offering $20.37 a share in cash. The price represents a 45% premium on what Aecon’s shares were trading for before the announcement of the deal.
The acquisition still requires regulatory approvals under the Investment Canada Act, the Canadian Competition Act and from relevant authorities in China.
CCCI has agreed to keep Aecon’s headquarters in Canada and retain Aecon’s Canada-based employees.
Growth stocks: Company maintains strong order backlog, good reputation
Aecon has three main divisions:
The Energy Group builds facilities and components for clients in the power industry, including nuclear reactors.
The Infrastructure Group builds roads, bridges, tunnels and public transit projects. It also sells asphalt and aggregates (crushed stone and gravel), key ingredients for making concrete.
The Mining Group develops, builds and maintains mines and oil and gas properties. It also builds related infrastructure, like roads and waste-management systems, and helps clients restore their sites and plant new trees.
In addition, Aecon develops, finances and operates public infrastructure projects.
In the three months ended September 30, 2017, Aecon’s revenue fell 9.4%, to $759.7 million from $838.1 million a year earlier. That’s partly because of continued soft commodity and oil markets resulting in fewer projects.
Earnings fell 10.2%, to $24.6 million, or $0.42 a share, from $27.4 million, or $0.48.
Aecon ended September with an order backlog of $4.32 billion. Meantime, the company’s strong reputation continues to help it win contracts.
Aecon’s shares have risen 18.9% since the deal was announced. The
Inner Circle recommendation: HOLD if you own it, but it’s too late for new buying.
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