Aecon completes sale of interest in Quito International Airport concession

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Aecon completes sale of interest in Quito International Airport concession

Aecon Group has completed the sale of its 45.5 per cent interest in the Quito International Airport concessionaire, Corporaciσn Quiport S.A. (Quiport), for US$232.6 million to Grupo Odinsa and CCR.

The monetization of Aecon's investment generates approximate net cash proceeds (after transaction costs and estimated cash taxes) of US$195 million.

Teri McKibbon, President and Chief Executive Officer, Aecon Group, stated:

"We are very pleased to have finalized the sale of our interest in the Quito International Airport project and thank all of our partners for their collaborative efforts. This landmark public-private partnership is of particular pride for Aecon and illustrates our successful work on large-scale, turnkey projects."

Together with its partners, Aecon developed and financed the airport and holds a 45.5% stake in Quiport, the airport concessionaire. Aecon built the airport as part of a 50/50 joint venture engineer/procure/construct contract with Andrade Gutierrez Constructores, a construction company based in Brazil.

UBS Investment Bank served as exclusive financial advisor to Aecon on the transaction.

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