Onex Corp. sells remaining stake in Allison Transmission

Private equity firm acquired the manufacturer of commercial-duty transmission systems from General Motors in 2007.

TORONTO — Onex Corp. 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 US company.

The Onex Group and the Carlyle Group each invested US$763 million in August 2007 to acquire Alllison Transmission from General Motors.

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

Onex said 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.

© 2014 The Canadian Press

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