TORONTO -- Aecon Group Inc. has signed a deal to acquire Voltage Power, an electrical transmission and substation contractor based in Winnipeg.

Under the deal, Aecon will pay $30 million in cash, with additional payments possible based on achieving minimum financial targets over the next three years.

Aecon chief executive Jean-Louis Servranckx says Voltage Power is the third strategic, tuck-in acquisition Aecon has made over the past 18 months.

The acquisition helps expand Aecon's capabilities to perform medium to high-voltage transmission and distribution work.

Aecon says Voltage Power has had average annual revenue of approximately $60 million over the past three years.

Voltage Power is a private, employee-owned company.