Canadian private equity firm Onex has agreed to acquire Toronto Stock Exchange-listed Husky Injection Molding Systems for C$960 million ($969 million, €680 million). Onex’s C$8.18 per share offer represents a 38.6 percent premium over the company’s closing price on 27 September.
Husky provides equipment and services to the plastics industry for the injection molding process. The company’s equipment is used to make products such as bottles and caps for beverages, food containers, automotive components and consumer electronic parts.
Husky’s shareholders will vote on the deal on 6 December. If approved, the deal will close in mid-December. Onex was not available for comment on the pending deal.
Publicly traded Onex is in the process of investing its second fund, which closed on $3.45 billion in August of last year. In July, Onex and The Carlyle Group bought Allison Transmission from General Motors for $5.6 billion. Earlier this year, Onex agreed to buy Kodak Health Group, a medical imaging and healthcare information technology solutions provider, for C$2.78 billion.
Earlier this year Onex was involved in a bidding war for Canada’s largest telecom company, BCE. Onex and pension plan Caisse de dépôt et placement du Québec eventually dropped out of a consortium that included Kohlberg Kravis Roberts and Canada Pension Plan Investment Board. BCE was ultimately acquired for $49 billion by a rival bidding group composed of US firms Madison Dearborn Partners and Providence Equity Partners, as well as Teachers’ Private Capital, the buyout arm of the Ontario Teachers’ Pension Plan.