Chinese Company CCCC International Holding Ltd. Signs Deal to Buy Canada’s Aecon Group

Canadian construction and infrastructure development company Aecon Group Inc. has signed a deal to be acquired for C$1.5 billion by CCCC International Holding Ltd. of China, subject to shareholder and government approvals. CCCC International, also known as CCCI, is the overseas investment and financing arm of China Communications Construction Company Ltd., one of the world's largest engineering and construction groups. Aecon will continue to be headquartered in Canada, leveraging CCCI's size and financial strength to help it bid for larger and more complex projects. The offer required the approval of two-thirds of the votes cast at a special meeting of Aecon shareholders as well as government and regulatory approvals under the Investment Canada Act, the Canadian Competition Act, and Chinese authorities.

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