An agreement has been reached for Fairfax Financial Holdings to acquire certain assets and assume certain liabilities related to Carillion's Canadian operations. The move follow's last month's liquidation of Carillion Canada's UK parent business.
Fairfax has entered into the agreement with Carillion Canada Holdings Incorporated. Under the transaction, Fairfax will acquire the services business carried on by Carillion in Canada relating to facilities management of airports, commercial and retail properties, defense facilities, select healthcare facilities and on behalf of oil, gas and mining clients, including under the Outland brand.
The transaction is subject to customary closing conditions. These include approval by the Ontario Superior Court of Justice in Carillion Canada's proceedings under the Companies' Creditors Arrangement Act (Canada), applicable regulatory approvals and the satisfactory completion of due diligence by Fairfax. Closure is expected this quarter.
"We are excited to have the services business of Carillion Canada join the Fairfax group," said Prem Watsa, chairman and CEO of Fairfax. "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, president and CEO of Carillion Canada, said: "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."