Toronto-based heavy equipment supplier Toromont Industries Ltd. has agreed to purchase rival equipment dealer, Hewitt Group for a deal totaling $1.02 billion.
According to an article published by the Globe and Mail, the deal is Toromont’s largest acquisition ever. By purchasing the Quebec-based company, Toromont extends its reach into Quebec as well as the Maritimes.
The deal is expected to close mid-October.
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