Toro Company to Acquire Tornado Infrastructure Equipment

Tornado Infrastructure Equipment Ltd. announced a definitive agreement to be acquired by The Toro Company for CAD $1.92 per share, valuing Tornado at approximately CAD $279.3 million. This all-cash transaction will result in Tornado becoming an indirect wholly-owned subsidiary of Toro.

This acquisition follows an eight-month strategic review to maximize shareholder value. The review involved extensive outreach to potential strategic buyers, overseen by a Special Committee with legal and financial advisory support.

Shareholders are set to receive a premium of 43.7% over the 12-month average trading price of Tornado shares. The agreement is pending approval from securityholders, courts, and under Canadian competition laws, with expectations to close by Q4 2025.

Key investors and executives holding 54% of shares support the transaction, while financial fairness opinions have affirmed the purchase price. Tornado's shares will be delisted upon completion.