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TORONTO — Aecon Group Inc. has signed a deal to be acquired for $1.5 billion by CCCC International Holding Ltd. of China, subject to shareholder and government approvals.

CCCC International has agreed to pay $20.37 per Aecon share in cash to buy the Canadian construction company, which said in August that it was looking for potential buyers.

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AECON stock surged 20 per cent to $19.80 in early morning trading on the Toronto Stock Exchange.

“We believe this is a very positive outcome for Aecon and our key stakeholders,” Aecon chairman Brian Tobin said in a statement Thursday.

“This transaction is the result of an active and diligent sale process that has enabled us to select an outstanding partner and create significant shareholder value.”

CCCC International, also known as CCCI, is the overseas investment and financing arm of China Communications Construction Company Ltd., one of the world’s largest engineering and construction groups.