Canadian Manufacturing

Onex Corp. sells remaining stake in Allison Transmission

Private equity firm Onex invested US$763 million in August 2007 to acquire Alllison from General Motors



TORONTO—Onex Corp. said it has sold its remaining stake in Allison Transmission.

The private equity firm and its affiliates have sold the last 2.7 million shares they held in the American company.

The Onex Group and the Carlyle Group each invested US$763 million in August 2007 to acquire Allison from General Motors Co. (GM).

Allison manufacturers commercial-duty automatic transmissions and hybrid systems for transit and city buses and other vehicles.

Onex said this week that, together with its affiliates, it has received roughly $2.4 billion in aggregate proceeds from the investment.

Onex’s share totalled US$770 million compared with its original investment of US$237 million.

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