Aecon buys nuclear contractor United Engineers & Constructors in $33M deal
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Aecon Group (OTCPK:AEGXF) said Monday it agreed to acquire New Jersey-based nuclear and conventional power contractor United Engineers & Constructors Inc. from CriticalPoint Capital for $33M in cash.
United Engineering has a strategic focus on nuclear power plant life extensions and developing small modular reactor and power generation projects; most of its revenues are conducted under master service agreements and are recurring in nature.
The companies already are joint venture partners in executing steam generator replacement work and fuel channel and feeder replacements on six units at the Bruce Nuclear Generating Station in Ontario.
The acquisition "strengthens our relationships with existing clients, provides opportunities to develop new clients, adds engineering capability and capacity, and accelerates our ability to harness the robust nuclear opportunities across North America while driving continued growth in the U.S. and priority markets," Aecon (OTCPK:AEGXF) President and CEO Jean-Louis Servranckx said.
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