Aecon Group Inc. (TSE:ARE) has released an update.
Aecon Utilities, a subsidiary of Aecon Group Inc., has acquired a majority stake in Xtreme Powerline Construction, a Michigan-based electrical distribution utility contractor, for about $73 million with additional contingent proceeds possible. This strategic move, financed through Aecon Utilities’ credit facility, aims to enhance Aecon’s service offerings and strengthen its U.S. market presence in grid infrastructure repair and expansion. The acquisition is supported by Xtreme’s experienced team, which will continue to lead the company and further Aecon’s growth and diversification in North American utility services.
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