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News » Canada » Colas finalizes $913m purchase of Ontario road business » published 6 Mar 2018

Colas finalizes $913m purchase of Ontario road business

Colas has completed the acquisition of Ontario-based road construction and bitumen business Miller McAsphalt Group.

The purchase price of the shares paid on closing amounts to CA$913m.

The deal is in line with Colas’ external growth strategy and is its largest acquisition to date in North America. Colas sees the purchase as providing the opportunity to increase Colas' foothold in Ontario and expand its Canadian bitumen distribution network.

Completion of the acquisition follows the signing of a memorandum of understanding in August 2017 and the receipt of all required approvals.

Miller McAsphalt Group is a major player in road construction and bitumen distribution in Canada, with a strong foothold in Ontario. It has annual average revenue of approximately CA$1.3bn and employs 3,300 people.

The transaction is part of Colas' long-term strategy to continue its development in North America. It sees the North American market as having strong growth prospects given the significant construction and maintenance needs for transportation infrastructure.

The acquisition of Miller McAsphalt will allow Colas Canada to expand its geographic coverage, strengthening its presence in Ontario and significantly increasing its bitumen storage and distribution capacity across Canada.



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This article was published on 6 Mar 2018 (last updated on 6 Mar 2018).

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