Deals
Toromont Adds to Caterpillar Network With $802 Million Deal
- Caterpillar dealer adds 45 stores with Hewitt purchase
- Hewitt owns dealerships in Quebec and Maritime provinces
Toromont Shares Surge After Hewitt Acquisition
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Toromont Industries Ltd. is adding to its Caterpillar Inc. dealership portfolio in Canada with the acquisition of Hewitt Group for C$1.02 billion ($802 million) in cash and stock in the biggest deal in its history.
Toromont will pay C$917.7 million in cash and 2.25 million shares for closely held Hewitt, which has 45 Caterpillar dealerships across Quebec and the Maritimes employing more than 2,000 people. With the purchase, Toromont will have 120 dealers in Eastern Canada, Ontario and Manitoba.