Platinum Equity Acquires Héroux-Devtek in $1.35 Billion Enterprise Value Transaction
An affiliate of U.S.-based private equity firm Platinum Equity Advisors, LLC has acquired aerospace manufacturer Héroux-Devtek Inc. for $32.50 in cash per share, bringing the total enterprise value to approximately $1.35 billion following approvals across four countries and court clearance.
Regulatory Clearances and Transaction Structure
The transaction was executed by way of a plan of arrangement under the provisions of the Québec Business Corporations Act. Under the terms finalized by the parties, the Platinum Equity affiliate acquired all issued and outstanding common shares of Héroux-Devtek, with the exception of shares rolled over by members of senior management.
Initially announced on July 11, 2024, the arrangement required extensive regulatory approvals and clearances across multiple jurisdictions, including Canada, the United States, the United Kingdom, and Spain. In addition to regulatory greenlights, the deal was conditioned upon receiving necessary Héroux-Devtek shareholder approval and formal court approval.
Strategic Review and Advisory Team
The acquisition originated from a formal review of strategic alternatives available to Héroux-Devtek. This evaluation process was led by a Special Committee composed solely of independent directors of the company.
Legal counsel for Héroux-Devtek and the Special Committee was provided by a Fasken team comprising 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.
| Metric / Detail | Value / Information |
|---|---|
| Acquirer | Platinum Equity Advisors, LLC affiliate |
| Target Company | Héroux-Devtek Inc. |
| Acquisition Price | $32.50 in cash per share |
| Enterprise Value | Approximately $1.35 billion |
| Initial Announcement Date | July 11, 2024 |
| Legal Framework | Québec Business Corporations Act (Plan of Arrangement) |
