U.S. private equity firm to buy Heroux-Devtek in deal valued at $1.35 billion
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)
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.
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