(Updates with details.)
Onex and AIG have agreed acquire the entire interest held by Onex Partners V and its co-investors in Convex for about $7 billion.
- Onex will buy 63% equity stake in Convex for $3.8 billion as part of the deal
- Onex intends to roll over existing interest in Convex of $0.7b, with remainder financed through $1.5b of cash on Onex’ balance sheet and pending asset sales, $1b debt financing and $0.6b of equity financing proceeds from AIG subscription
- AIG will acquire a 35% equity interest in Convex Group for approximately $2.1 billion
- AIG also agreed to buy 9.9% ...