Héroux-Devtek shareholders vote to approve Platinum Equity Advisors deal
September 9, 2024
By The Canadian Press
The deal is expected to close before the end of the company's current financial year ending March 31, 2025.
Shareholders of Héroux–Devtek Inc. have voted to approve a deal that will see the company acquired by a U.S. private equity firm.
The maker of aircraft landing gear says shareholders voted 99.25 per cent in favour of the agreement with Platinum Equity Advisors LLC.
Héroux–Devtek also says a waiting period has expired under the U.S. Hart-Scott-Rodino Antitrust Improvements Act, satisfying a key closing condition.
The company announced a deal in July to be acquired by Platinum Equity in an agreement valued at $1.35 billion. Under the agreement, the firm will pay $32.50 in cash per share for the company.
The transaction remains subject to closing conditions, including a final order by the Superior Court of Quebec as well as regulatory approvals in the United Kingdom and Spain.
The deal is expected to close before the end of the company’s current financial year ending March 31, 2025.