Onex has closed its previously announced sale of hotel and casino Tropicana Las Vegas to Penn National Gaming. The price of the transaction was $360 million.
TORONTO, ONTARIO–(Marketwired – Aug. 25, 2015) –
Onex Corporation (“Onex”) (TSX:OCX) today announced it has completed the sale of Tropicana Las Vegas to Penn National Gaming for $360 million. The Onex Partners III Group received net proceeds of $230 million from the sale, of which Onex’ share was $50 million.
Onex is one of the oldest and most successful private equity firms with offices in Toronto, New York and London. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The Company has approximately $22 billion of assets under management, including $5.9 billion of Onex capital, in private equity and credit securities. Onex invests its capital through its two investing platforms and is the largest limited partner in each of its private equity funds.
Onex’ businesses have assets of $37 billion, generate annual revenues of $25 billion and employ approximately 207,000 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.