Héroux-Devtek shareholders have approved the plan of arrangement for the sale of the company to an American company.
Héroux-Devtek said in a statement that 99.25% of the votes cast by shareholders approved the plan that should lead to the acquisition of Héroux-Devtek by Platinum Equity Advisors.
The Quebec flagship aerospace company and the world’s third largest manufacturer of landing gear said its shareholders approved the arrangement under the provisions of the Quebec Business Corporations Act.
The company announced in July a deal to be acquired by Platinum Equity in a deal valued at $1.35 billion. Under the deal, the company will pay $32.50 in cash per share for the company.
Héroux-Devtek said the arrangement will be completed before the fiscal year ending March 31, 2025.
The company also said a waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act had expired, satisfying a key closing condition.
“The proposed arrangement remains subject to certain customary closing conditions, including the issuance of a final order by the Superior Court of Québec following the hearing expected to take place on September 16, 2024 and the receipt of regulatory approvals applicable in the United Kingdom and Spain,” the company said.