TORONTO - Construction company Aecon Group Inc. (TSX:ARE) has struck a bought deal to issue four million common shares at $18.25 each to raise $73 million.

The money raised from Canadian investors through an underwriting syndicate led by GMP Securities (TSX:GMP) will be used to repay debt from recent acquisitions and for other uses, the Toronto company said Thursday.

Aecon currently has 46.8 million shares outstanding.

The financing is slated to close April 17.

Aecon said it will use the money to repay debt associated with recent acquisitions, for general corporate purposes including working capital, and for potential future takeovers.

"This equity issue will further strengthen our balance sheet, and position Aecon well to capitalize on future growth opportunities in this very robust market," said Scott Balfour, Aecon's president and chief financial officer.

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