Transaction|March 27, 2013
Wescast announces closing of acquisition by Bohong
Torys acted as counsel to China Development Bank with a team that included Adam Delean, Mike Amm, Nadine Rockman Katz and Yinka Olusoga.
On March 27, 2013, Wescast Industries Inc. (Wescast) completed its previously announced plan of arrangement for the acquisition of Westcast by Sichuan Bohong Industry Co., Ltd. (Bohong). Through Taixing International Investment Limited, Bohong acquired all of the issued and outstanding capital of Wescast at C$11.00 per share. Bohong received the required financing to complete the arrangement after entering into definitive loan documents with China Development Bank Corporation on March 25, 2013.
Together with repayment by Bohong of Wescast's indebtedness, certain other liabilities and an investment in working capital, the transaction was valued at approximately C$195 million.
Wescast is a leading global supplier of cast exhaust manifolds for passenger cars and light trucks.
Bohong is a multi-faceted industrial group engaged in manufacturing of auto parts and auto sales and services as well as real estate and financial investment.
Further information can be found on Marketwire's website.
Together with repayment by Bohong of Wescast's indebtedness, certain other liabilities and an investment in working capital, the transaction was valued at approximately C$195 million.
Wescast is a leading global supplier of cast exhaust manifolds for passenger cars and light trucks.
Bohong is a multi-faceted industrial group engaged in manufacturing of auto parts and auto sales and services as well as real estate and financial investment.
Further information can be found on Marketwire's website.