Parties
Company
Héroux-Devtek Inc.
Company
Platinum Equity Advisors, LLC
On July 11, 2024, Héroux-Devtek Inc., a leading aerospace product manufacturer and the world's third-largest landing gear manufacturer, entered into an agreement to be acquired by an affiliate of Platinum Equity Advisors, LLC. The transaction, valued at approximately $1.35 billion, offered $32.50 in cash per share, representing a 28% premium to the closing share price on July 10, 2024, and a 47% premium to the 90-day volume-weighted average price.
The acquisition followed a strategic review led by a Special Committee of independent directors. Héroux-Devtek's Board unanimously supported the deal, citing it as beneficial for stakeholders. Key senior management, including Executive Chairman Gilles Labbé and CEO Martin Brassard, will roll over a portion of their shares in the Purchaser.
The transaction is subject to customary conditions, including shareholder and court approvals, and regulatory clearances. The deal is expected to close by March 31, 2025. Upon completion, Héroux-Devtek will be privately held and delist from the Toronto Stock Exchange.
Legal advisors for Héroux-Devtek were Fasken Martineau DuMoulin LLP and Hogan Lovells LLP, while Platinum Equity was advised by Stikeman Elliott LLP and Latham & Watkins LLP. Financial advisors included National Bank Financial Inc., Scotiabank, Desjardins Capital Markets, and BMO Capital Markets.
Deal Type
Merger & AcquisitionIndustry
TransportationTransaction
$ 1,350,000,000Deal Status
ActiveClosing Date