Private equity firm to buy Héroux-Devtek in deal valued at $1.35 billion

LONGUEUIL, Que. — Aircraft landing gear maker Héroux-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.

Héroux-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 Héroux-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 July 11, 2024.

Companies in this story: (TSX:HRX)

The Canadian Press