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Aecon to buy Lockerbie & Hole.

Construction company, Aecon Group Inc., has agreed to aequire mechanical construction contractors Lockerbie & Hole Inc. for C$220 million to expand in Western Canada, including the northern Alberta oil sands.

The deal should help both companies cash in on the billions of dollars that will be spent in infrastructure projects in the next several years under the federal budget stimulus plan.

Per the proposed transaction, Lockerbie shareholders would get C$8 for each share, either in cash or in Aecon shares. The deal is expected to close in April.

Gordon Panas. Lockerbie chief executive, will join Aecon as chief financial officer upon completion of the deal.
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Title Annotation:NEWSline: Latest Industry Developments
Publication:Underground Construction
Date:Mar 1, 2009
Words:106
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