The Financial Post reports in its Thursday edition that Aecon Group has signed a deal to sell its road building business in Ontario to Green Infrastructure Partners (GIP) for $235-million in cash. A Canadian Press dispatch to the Post says that under the agreement, GIP will acquire Aecon Transportation East (ATE), which builds roads throughout Ontario for the provincial government, municipalities and private clients. Aecon said it will sign a strategic co-operation agreement with GIP upon the closing of the deal. ATE has a work force of about 1,000 employees. Aecon said it plans to use the net proceeds from the sale to pay down debt. Aecon Group chief executive officer Jean-louis Servranckx said the sale is consistent with the company's goal of targeting prudent balance sheet leverage and liquidity and also reduces the overall capital intensity of Aecon's business. The company's shares closed Wednesday at $10.99, up 85 cents on the Toronto Stock Exchange.