Oaktree Capital Management has agreed to acquire a 27.5% stake in Aecon Utilities Group.

Aecon Utilities, a Canadian utility infrastructure provider, will receive an investment through convertible preferred equity securities. This partnership with Oaktree, a respected infrastructure investor, enables Aecon Utilities to expand across utility markets in North America. The investment, valued at US$750 million, grants financial flexibility, strengthens Aecon's balance sheet, and supports strategic growth initiatives. Aecon Utilities will have a US$400 million credit facility and aims for strategic acquisitions, capitalizing on Oaktree's expertise. Post-investment, Aecon will own 72.5% of Aecon Utilities, enhancing its market presence and funding future ventures.