Aecon Group Inc. ARE-T has signed a deal to buy U.S. company United Engineers & Constructors Inc. from CriticalPoint Capital LLC for US$33-million in cash.
United is a nuclear and conventional power contractor with clients in the U.S. and Canada.
It has a strategic focus on nuclear power plant life extensions and developing small modular reactor and power generation projects.
Aecon and United are joint venture partners doing steam generator replacement work and fuel channel and feeder replacements on six units at the Bruce Nuclear Generating Station in Ontario.
The deal will see United’s management and operational teams join Aecon upon closing of the deal.
The agreement is subject to customary adjustments and closing conditions, including regulatory approvals.