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15 August 2018
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FAIRFAX PICKS UP TRANCHE OF CARILLION’S CANADIAN OPERATIONS

6 February 2018 | Herpreet Kaur Grewal


Canadian insurance firm Fairfax Financial Holdings Limited has agreed to acquire certain assets of Carillion Canada Holdings Incorporated. 

 

Fairfax will also assume certain liabilities related to Carillion’s Canadian operations.

 

Under the transaction, Fairfax will acquire the service business carried on by Carillion in Canada 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.  

 

The deal is subject to customary closing conditions, including 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, and is expected to close in the first quarter of 2018.

 

Prem Watsa, chairman and CEO of Fairfax, said: “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: “More than 4,500 members of our team will be joining the Fairfax family.”  

 

He added: “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.”