Fairfax Financial to buy some Carillion Canada contracts, take over 4,500 jobs

Fairfax Financial has agreed to buy certain assets and assume certain liabilities related to Carillion Canada, the infrastructure services company which recently sought creditor protection.

Under the deal, Toronto-based Fairfax will take over contracts to providefacilities management at airports, commercial and retail properties, defence facilities, some healthcare facilities and for a number of oil, gas and mining clients a move that will make sure those services continue to be performed.

Financial terms of the deal were not disclosed, butthe deal will see more than 4,500 Carillion Canada employees move to Fairfax.

"We are delighted that more than 4,500 members of our team will be joining the Fairfax family," Carillion Canada CEO Simon Buttery said."This transaction will provide certainty and stability for the clients we work for and the customers we serve, and a strong platform for the continued growth of the business."

Carillion Canada soughtprotection under the Companies' Creditors Arrangement Act after its parent company, British construction giant and state contractor Carillion PLC, entered liquidation after becoming unable to service its debt load.