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India

Aecon Agrees To Sell Contract Mining Business To North American Construction Group


Wednesday, 3 Oct 2018 

Oct 3 (Reuters) - Aecon Group Inc ::PRESS RELEASE - AECON AGREES TO SELL CONTRACT MINING BUSINESS TO NORTH AMERICAN CONSTRUCTION GROUP.AECON GROUP INC - TO SELL TO NACG SUBSTANTIALLY ALL OF ASSETS RELATED TO AECON'S CONTRACT MINING BUSINESS FOR $199.1 MILLION IN CASH.AECON GROUP INC - WILL CONTINUE TO OPERATE ITS CONTRACT MINING BUSINESS.AECON GROUP INC - NACG PAID AECON A $10 MILLION DEPOSIT, WHICH WILL BE APPLIED TO PURCHASE PRICE IF DEAL CLOSES AS CONTEMPLATED.AECON GROUP INC - BALANCE OF PRICE WILL BE PAID IN FOUR INSTALMENTS, WITH FIRST INSTALMENT OF $153.6 MILLION DUE AT CLOSING.AECON GROUP INC - IF SALE IS NOT COMPLETED DUE TO DEFAULT BY NACG OF OBLIGATIONS UNDER AGREEMENT, DEPOSIT WILL BE RETAINED BY AECON. 

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