Héroux-Devtek Inc. (“Héroux-Devtek”) was acquired by an affiliate of Platinum Equity Advisors, LLC ("Platinum Equity"), a U.S. based private equity firm, by way of a plan of arrangement under the provisions of the Québec Business Corporations Act.
Under the terms of the arrangement, the affiliate of Platinum Equity acquired all of the issued and outstanding common shares of Héroux-Devtek, other than the shares rolled over by members of senior management, for $32.50 in cash per share, representing a total enterprise value of approximately $1.35 billion.
The arrangement, initially announced on July 11, 2024, was subject to certain conditions, including regulatory approvals and clearances in Canada, the United States, the United Kingdom and Spain, Héroux-Devtek shareholder approval and court approval.
The transaction was the result of a review of strategic alternatives available to Héroux-Devtek, led by a Special Committee comprised solely of independent directors of the company.
A Fasken team composed of Jean Michel Lapierre, Marie-Josée Neveu, Monica Dingle, Julien Fournier, Geneviève Richard, Martin Legault, Quentin Lageix, Brandon Farber, Hugo Séguin, Huy Do, Chris Margison, Clifford Sosnow and Marcia Mills advised Héroux-Devtek and the Special Committee in connection with this transaction.
Jurisdiction
- Québec
