Fairfax to snap up Carillion's services business

Fairfax to snap up Carillion's services business | Smart Association - PCMA

Fairfax to snap up Carillion

Fairfax Financial Holdings have entered into an agreement with Carillion Canada to acquire certain assets and assume certain liabilities involving the latter's Canadian operations. 

Under the deal, Fairfax will take over Carillion's services business relating to the facilities management of airports, commercial and retail properties, defence facilities and select healthcare facilities. The deal also involves them working on behalf of oil, gas and mining clients, including under the Outland brand. 

Fairfax CEO and chairperson Prem Watsa said: “We are excited to have the services business of Carillion Canada join the Fairfax group. 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.”

Carillion Canada CEO Simon Buttery said about 4,500 members of Carillion Canada will be joining Fairfax following the deal, which is subject to customary conditions.

"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," Buttery said. 

Fairfax's acquisition is subject to approval by the Ontario Superior Court of Justice in Carillion Canada’s proceedings under CCAA, applicable regulatory approvals and the satisfactory completion of due diligence by Fairfax, and is expected to close in the first quarter of 2018.

This article has been edited. It first appeared on Private Capital Journal, a site managed by CPE Media Inc, the official data provider for PCMA. Read the rest of the article here.

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