Aecon Utilities acquires electrical distribution utility contractor Xtreme Powerline

TORONTO, July 02, 2024 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) (“Aecon” or the “Company”) announced today that its subsidiary, Aecon Utilities Group Inc. (“Aecon Utilities”), has acquired a majority interest in Xtreme Powerline Construction (“Xtreme”), an electrical distribution utility contractor headquartered in Port Huron, Michigan for a base purchase price of approximately US$73 million, with the potential for additional contingent proceeds (the “Transaction”). The Transaction is being financed through Aecon Utilities’ standalone committed revolving credit facility. Xtreme management are committed to supporting Aecon Utilities’ expansion in the U.S. and will retain a minority ownership in Xtreme as well as leadership responsibilities in the Xtreme business in partnership with Aecon Utilities’ management team.   

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