On March 1, 2023, in Toronto, Aecon Group Inc. disclosed its definitive purchase agreement with Green Infrastructure Partners Inc. (GIP). Aecon will sell its Aecon Transportation East (ATE) businesses in Ontario, specializing in roadbuilding, aggregates, and materials, for $235 million (320000000 CAD) in cash. With a workforce of around 1,000, ATE delivered infrastructure solutions across Ontario, contributing to roughly 7% of Aecon's 2022 consolidated revenue. Jean-Louis Servranckx, CEO of Aecon Group Inc., highlighted the deal's alignment with Aecon's sustainability goals and the focus on transitioning to a net-zero economy. Upon sale completion, a strategic cooperation agreement between Aecon and GIP will be instituted, merging Aecon's heavy civil construction services with GIP's roadbuilding expertise for major projects in Ontario. Aecon intends to use the sale's net proceeds to repay debt on its revolving credit facility, aiming for long-term shareholder value. Both Aecon's and GIP's Board of Directors have approved the transaction. ATE will maintain regular operations until the sale's anticipated closure in the first half of 2023, pending necessary regulatory approvals. GIP will compensate Aecon with a $15 million reverse break-fee if the transaction doesn't finalize due to GIP's financing issues. Legal counsel for Aecon is Davies Ward Phillips & Vineberg LLP, with CIBC Capital Markets as the financial advisor. By May 1, 2023, Aecon confirmed the successful closure of the aforementioned agreement.