February 5, 2018 / 2:25 PM / 2 years ago

Fairfax to buy some of Carillion's Canadian services business

FILE PHOTO - A worker operates a crane on Carillion's Midland Metropolitan Hospital construction site in Smethwick, Britain January 29, 2018. REUTERS/Darren Staples

(Reuters) - Insurer Fairfax Financial Holdings Ltd (FFH.TO) said on Monday it would buy some Canadian assets of bankrupt UK-based construction and services company Carillion for an undisclosed amount.

The deal would include facilities management at airports, commercial and retail properties, defence and select healthcare units, Fairfax said.

Carillion (CLLN.L) collapsed on Jan. 15 after its banks halted funding, triggering Britain’s biggest corporate failure in a decade and forcing the government to step in to guarantee public services from school meals to roadworks.

Fairfax will also assume certain liabilities related to Carillion’s Canadian operations.

Canada is one of the largest markets for Carillion outside the UK.

Canadian unions had previously urged Ontario’s provincial government to end hospital services privatisation after the collapse of Carillion.

Reporting by Anirban Paul in Bengaluru

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