Fairfax Financial Holdings Ltd. has signed a deal to buy part of Carillion Canada, which filed for court protection from creditors last month.
Financial terms of the deal were not immediately available.
Under the transaction, Fairfax will acquire Carillion Canada’s facilities management business that provides services to airports, commercial and retail properties, defence facilities, health care facilities and oil, gas and mining clients.
The deal will see more than 4,500 Carillion Canada employees move to Fairfax.
Carillion Canada was forced to seek protection under the Companies’ Creditors Arrangement Act after its parent company, British construction giant and state contractor Carillion PLC, entered compulsory liquidation.
The transaction is subject to customary closing conditions, including approval by the Ontario Superior Court overeesing Carillion Canada’s operations.
