Aecon Group Inc. has announced that it has completed the sale of its wholly-owned subsidiary Innovative Steam Technologies (IST) to Fulcrum Capital Partners. Gross cash proceeds of the sale will be approximately $35 million, with additional proceeds over the following two years contingent on IST achieving certain earn-out conditions based on performance.
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AECOM (NYSE: ACM) is a global provider of professional technical and management support services to a broad range of markets, including transportation, facilities, environmental, energy, water and government. With approximately 45,000 employees around the world, AECOM is a leader in all of the key markets that it serves. AECOM provides a blend of global reach, local knowledge, innovation, and technical excellence in delivering solutions that enhance and sustain the world's built, natural, and social environments. A Fortune 500 company, AECOM serves clients in more than 100 countries and had revenue of $6.3 billion during the 12-month period ended March 31, 2010.
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