Onex Corp. said Friday it will pay about $960 million in a friendly deal to acquire Husky Injection Molding Systems Ltd.

Toronto-based Onex said it will pay Husky investors $8.18 per share in cash for their holdings.

Husky Injection Molding 3-month stock chart

Shares of Husky rose 43 cents on the TSX to end the day at $8.02. Onex was up 25 cents at $36.55.

Robert Schad, Husky's controlling shareholder, and his spouse, Elizabeth Schad, have agreed to tender their 47.7 million common shares, plus just  under four million shares they control. In total, the Schads control 44.08 per cent of the outstanding shares of Husky.

Husky announced back in early March that it was looking for a buyer.

"When we began this process six months ago, my primary concern was to ensure that my stake in Husky would go to the right owner," Robert Schad, Husky's chairman, said in a release. "Having concluded the review process, I am convinced that Onex is the right long-term home for Husky."

"They have shown a solid appreciation of Husky's strategy and strengths, and bring expertise in a number of areas that will help take the company to the next level," he said.

Husky's board of directors has endorsed the Onex deal.

Husky makes equipment used by the plastics industry to fabricate their products. The company was founded in 1953 by Robert Schad as a machine shop in a Toronto garage.