Mr. Jean-Louis Servranckx reports

AECON ENHANCES NORTH AMERICAN NUCLEAR CAPABILITY WITH AGREEMENT TO ACQUIRE UNITED ENGINEERS & CONSTRUCTORS INC.

Aecon Group Inc. has entered into a definitive purchase agreement to acquire United Engineers & Constructors Inc., a nuclear and conventional power contractor headquartered in Mount Laurel, N.J., from affiliates of CriticalPoint Capital LLC for a purchase price of $33-million (U.S.), payable in cash at closing. United's management and operational teams will join Aecon upon closing of the transaction, which is subject to customary adjustments and closing conditions, including obtaining all necessary regulatory approvals.

Founded in 1905, United provides end-to-end engineering, planning, and program and construction management services to nuclear and conventional power clients in the United States and Canada. United maintains a strategic focus on nuclear power plant life extensions and developing small modular reactor and power generation projects. The majority of United's revenues are conducted under master service agreements and are recurring in nature.

Aecon and United have a proven relationship and are collaboratively engaged as joint venture partners in executing steam generator replacement work and fuel channel and feeder replacements on six units at the Bruce nuclear generating station in Ontario.

"United strengthens our relationships with existing clients, provides opportunities to develop new clients, adds engineering capability and capacity, and accelerates our ability to harness the robust nuclear opportunities across North America while driving continued growth in the U.S. and priority markets," said Jean-Louis Servranckx, president and chief executive officer, Aecon Group. "United's strong technical expertise in digital instrumentation, control engineering and specialized construction will extend our self-perform offering and advance our continued diversification and growth with a strategic focus on the energy transition."

"We are pleased to welcome the United team to Aecon, and we look forward to supporting the growing nuclear market driven by increasing demand for clean, affordable and reliable energy, and global net-zero targets," said Thomas Clochard, executive vice-president, nuclear and civil, Aecon Group. "This strategic transaction enhances our Canadian presence and provides a strong platform to offer new services to key U.S. clients while expanding our footprint and role in building the next generation of nuclear infrastructure to enable future generations to thrive."

"By joining Aecon, the United team becomes part of a world-class construction and infrastructure development company," said Art Lembo, president and chief executive officer of United. "The combined capability brings experience and processes to deliver large-scale integrated engineering and construction projects across North America and internationally. United, with its diverse business base of consulting, engineering services and EPC [engineering, procurement and construction] clients developed over 100 years of service to the electric power industry, is positioned to continue its prominent role in delivering nuclear and power generation projects as part of the Aecon family."

About Aecon Group Inc.

Aecon Group is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private- and public-sector clients through its construction segment in the civil, urban transportation, nuclear, utility and industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its concessions segment.

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