|By Marketwired .||
|August 7, 2014 07:04 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/07/14 -- All amounts in U.S. dollars unless otherwise stated
Onex Corporation ("Onex") (TSX:OCX) and its affiliates (the "Onex Group") today announced the sale of their remaining 8.4 million shares of common stock in Spirit AeroSystems (NYSE:SPR).
The Onex Group acquired Spirit AeroSystems from The Boeing Company for approximately $950 million in June 2005, investing approximately $375 million of equity. Over the course of the nine-year investment, the Onex Group has received aggregate proceeds of approximately $3.2 billion, resulting in a multiple of capital invested of approximately 8.5 times and a return on investment of 201% per annum. Onex' share of the cumulative proceeds is approximately $975 million, including carried interest of $118 million, compared to its original investment of $108 million.
"Onex' relationship with Spirit dates back nearly a decade, beginning with its carve-out from Boeing in 2005, its establishment as one of the world's largest non-OEM designers and manufacturers of aerostructures, and its continued growth as an independent and publicly listed company," said Seth Mersky, a Senior Managing Director of Onex. "Spirit's leadership, employees, and Board of Directors have been wonderful partners and friends. Without their efforts and support, Spirit would not have become the thriving business it is today."
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. At March 31, 2014, the Company had approximately $21 billion of assets under management, including $6 billion of Onex capital, in private equity and credit securities. Onex invests its capital directly and as the largest limited partner in each of its Funds.
At March 31, 2014, Onex' businesses had assets of $45 billion, generated annual revenues of $35 billion and employed approximately 231,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The company's security filings can also be accessed at www.sedar.com.
This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
Head of the Funds Group
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Jul. 24, 2016 11:00 AM EDT Reads: 1,782
"We provide DevOps solutions. We also partner with some key players in the DevOps space and we use the technology that we partner with to engineer custom solutions for different organizations," stated Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 11:00 AM EDT Reads: 1,566
Much of IT terminology is often misused and misapplied. Modernization and transformation are two such terms. They are often used interchangeably even though they mean different things and have very different connotations. Indeed, it is somewhat safe to assume that in IT any transformative effort is likely to also have a modernizing effect, and thus, we can see these as levels of improvement efforts. However, many businesses are being led to believe if they don’t transform now they risk becoming ...
Jul. 24, 2016 11:00 AM EDT Reads: 1,085
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Jul. 24, 2016 11:00 AM EDT Reads: 1,287
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
Jul. 24, 2016 11:00 AM EDT Reads: 1,995
Jul. 24, 2016 10:45 AM EDT Reads: 870
Jul. 24, 2016 10:45 AM EDT Reads: 2,122
Jul. 24, 2016 10:00 AM EDT Reads: 552
Jul. 24, 2016 09:30 AM EDT Reads: 1,055
Jul. 24, 2016 09:00 AM EDT Reads: 1,501
Jul. 24, 2016 09:00 AM EDT Reads: 808
Jul. 24, 2016 08:45 AM EDT Reads: 882
Jul. 24, 2016 08:30 AM EDT Reads: 2,053
Jul. 24, 2016 08:30 AM EDT Reads: 1,459
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Jul. 24, 2016 08:15 AM EDT Reads: 1,053