09:53 AM EST - Aecon Group Inc. : announced that it has completed the previously disclosed asset purchase of Fort McMurray based Cow Harbour Construction Ltd. ,and that it will be retaining virtually all of Cow Harbour's 300 employees in a new division to be called Aecon Mining. The new division complements Aecon Lockerbie's position as one of the leading heavy industrial contractors in the oil sands. Under the asset purchase agreement, Aecon acquired all of Cow Harbour's capital assets in Alberta, including its fleet of over 500 pieces of mining equipment, as well as all of Cow Harbour's real property, inventory, contracts, leases, licenses, intellectual property and other assets. Aecon paid $60 million on closing, and will pay a further $120 million within 90 days. Aecon Group Inc.
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