TORONTO — Aecon Group Inc. has signed a deal to acquire Voltage Power, an electrical transmission and substation contractor based in Winnipeg.
Under deal, Aecon will pay $30 million in cash, with additional payments possible based on achieving minimum financial targets over the next three years.
Aecon chief executive Jean-Louis Servranckx says Voltage Power is the third strategic, tuck-in acquisition Aecon has made over the past 18 months.
The acquisition helps expand Aecon’s capabilities to perform medium to high-voltage transmission and distribution work.
Aecon says Voltage Power has had average annual revenue of approximately $60 million over the past three years.
Voltage Power is a private, employee-owned company.
This report by The Canadian Press was first published Feb. 3, 2020.
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The Canadian Press