Héroux-Devtek gets final green light to be taken private by U.S. firm

LONGUEUIL, Que. — Héroux-Devtek Inc. says it received a final regulatory green light for its purchase by a U.S. private equity firm.

The aircraft landing gear maker says Spain’s Council of Ministers has given foreign direct investment approval, ticking off the last regulatory box for the agreement with Platinum Equity Advisors LLC.

Announced last July, the $1.35-billion deal would take Héroux-Devtek private after 39 years as a publicly traded company.

Under the agreement, Los Angeles-based Platinum Equity said the Quebec company will keep and invest in its headquarters and other operations in the province, including manufacturing.

Shareholders voted 99 per cent to approve the deal in September.

The Longueuil, Que.-based company says it expects the arrangement will wrap up on or around Feb. 11, subject to the remaining closing conditions.

This report by The Canadian Press was first published Feb. 5, 2025.

Companies in this story: (TSX:HRX)