CECO Environmental (CECO) said Thursday that it has successfully completed its tender offer to acquire all of the issued and outstanding shares of Profire Energy (PFIE) for $2.55 each in cash.

At expiration of the offer on Dec. 31, the company had received and accepted about 86.3% of outstanding PFIE shares, satisfying the minimum tender condition.

CECO said the transaction is valued at approximately $125 million.

As a result of the merger, which CECO will complete after payment of the tendered shares, Profire will become a wholly owned subsidiary of CECO, and Profire's shares will cease trading on the Nasdaq Capital Market, CECO said.