MONTREAL — A private equity firm has signed an agreement to buy Logistec Corp. in an acquisition that values the Quebec-based company at about $1.2 billion.
Under the deal, Blue Wolf Capital Partners LLC in partnership with Stonepeak, an alternative investment firm specialized in infrastructure and real assets, will pay $67 per share in cash for the company.
Logistec says the agreement is the culmination of a review of strategic alternatives that it launched on May 19 at the request of its principal shareholder, Sumanic Investments Inc.
The company's class B subordinate voting shares closed down 28 cents at $57.32 on the Toronto Stock Exchange on Friday.
Montreal-based Logistec provides specialized cargo handling services in 60 ports and 90 terminals in North America. It also has an environmental services business focused on rehabilitating water infrastructure and remediating soil.
The transaction, which is subject to customary closing conditions, including regulatory, shareholder and court approvals, is expected to close in the first quarter of 2024.
This report by The Canadian Press was first published Oct. 16, 2023.
Companies in this story: (TSX:LGT.A, TSX:LGT.B)
The Canadian Press
