Fairfax acquires Canadian services business of troubled Carillion
Canada-based Fairfax Financial Holdings has entered into an agreement to acquire certain assets and assume certain liabilities of Carillion’s Canadian operations, according to a Feb. 5 press release.
The UK construction giant Carillion entered into liquidation in January.
Under the transaction, Fairfax will take over the services business carried on by Carillion Canada Holdings relating to facilities management of airports, commercial and retail properties, defence facilities, select healthcare facilities and on behalf of oil, gas and mining clients, including under the Outland brand.
Fairfax will appoint David Johnston, former governor general of Canada, and Stephen Wallace, former Secretary to the governor general of Canada, to the board of directors of the acquired Canadian companies upon closing of the transaction.
“We are excited to have the services business of Carillion Canada join the Fairfax group,” said Fairfax CEO Prem Watsa. “The services business of Carillion Canada has an excellent long-term track record and we look forward to working with this team in growing their business over the long-term.”
Simon Buttery, CEO of Carillion Canada, commented: “We are delighted that more than 4,500 members of our team will be joining the Fairfax family. This transaction will provide certainty and stability for the clients we work for and the customers we serve, and a strong platform for the continued growth of the business.”
The transaction is subject to customary closing conditions.
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