Aecon to buy Winnipeg-based electrical contractor Voltage Power for $30M
Aecon Group Inc. is adding to its in-house electrical contracting expertise with a new acquisition.
The company said Feb. 3 it has purchased Winnipeg-based Voltage Power for $30 million, plus possible earnout payments based on future financial targets.
The electrical contractor has worked on a number of recent high-profile projects, including Manitoba Hydro’s Bipole III 500 kV Transmission Line and Emera’s Maritime Link 230 kV Transmission Line. Aecon said over the past three years, Voltage Power has completed more than 20 projects across five provinces.
The deal will allow Aecon to scale up its own in-house construction offering.
“The added ability to self-perform medium to high-voltage transmission and distribution work complements our existing core utility capabilities and further positions Aecon as a leading player in executing the strong pipeline of utility infrastructure opportunities across Canada,” Jean-Louis Servranckx, Aecon’s president and CEO, said in a release.
Servranckx noted the deal is the third tuck-in acquisition the Canadian contractor has made in the past 18 months.