U.S. private equity firm to buy Heroux-Devtek in deal valued at $1.35 billion
![Heroux-Devtek The Heroux-Devtek logo, in Montreal, Thursday, August 2, 2012. The Quebec company will be bought by an American firm, but its head office will remain in Longueuil. (Graham Hughes/The Canadian Press)](/content/dam/ctvnews/en/images/2024/7/11/heroux-devtek-1-6959783-1720709203416.jpeg)
Aircraft landing gear maker Heroux-Devtek Inc. says it has signed a deal to be acquired by U.S. private equity firm Platinum Equity Advisors LLC in a deal valued at $1.35 billion.
Under the agreement, Platinum Equity will pay $32.50 in cash per share for the company.
Heroux-Devtek shares closed at $25.32 on the Toronto Stock Exchange on Wednesday.
The sale comes after a review of strategic alternatives by the company.
As part of the deal, Platinum Equity says Heroux-Devtek will keep and invest in its headquarters and other operations in Quebec, including its manufacturing operations.
The transaction, which is subject to customary closing conditions, including regulatory and shareholder approvals, is expected to close before the end of the company's current financial year on March 31, 2025.
- This report by The Canadian Press was first published on July 11, 2024.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.7009580.1724280437!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
'Issues remain significant' between parties just hours before potential railway stoppage: labour minister
Just hours ahead of an unprecedented railway stoppage in Canada, Labour Minister Steven MacKinnon says issues between the parties involved 'remain significant.'
LIVE UPDATES DNC Day 3: Walz is expected to accept the party's nomination for vice-president
U.S. vice-presidential nominee Tim Walz and former U.S. president Bill Clinton will headline the Democratic National Convention on Wednesday, the third day of the party’s choreographed rollout of a new candidate, Kamala Harris, and her pitch to voters.
The first person in Canada to legally access 'magic mushroom' therapy has died at age 56
A Saskatoon man who became a trailblazer for psilocybin-assisted therapy, using a psychedelic drug commonly known as magic mushrooms, has died at age 56.
Child's phone catches fire in Cambridge, Ont. movie theatre
A mother was left shaken after her 11-year-old's cellphone suddenly caught fire while he was in a movie theatre.
Babysitter pleads guilty to manslaughter for death of man she injured when he was a baby in 1984
A former babysitter pleaded guilty to manslaughter Wednesday for the 2019 death of a man she was accused of disabling as an infant 40 years ago and was sentenced to three years in prison, finally admitting that she hit him numerous times.
Kansas mom sentenced to life in prison after her 2-year-old son fatally shot her 4-year-old daughter
Kansas mom sentenced to life in prison after her 2-year-old son fatally shot her 4-year-old daughter
Taylor Swift calls cancellation of Vienna shows 'devastating,' explains silence
Two weeks after organizers scrubbed Taylor Swift's concerts in Vienna amid a foiled terror plot, the singer issued her first statement on the cancellation.
'Intimate partner violence' led to triple homicide in McCreary: Manitoba RCMP
A 'horrific act of intimate partner violence' is what led to a triple homicide in McCreary, Man. last week according to RCMP.
Being here 'means something': Why one federal party leader is attending the DNC
While the stakes for Canada may be high in the upcoming U.S. presidential election, only one Canadian federal party leader has actually attended either the Republican or Democratic national conventions.