PE Deals

Onex to sell 6.8m of Celestica’s subordinate voting shares

Celestica is a provider of electronics manufacturing services with headquarters in Toronto.

-
  • Celestica will not sell any shares and will not receive any proceeds from the proposed secondary offering
  • Onex acquired Celestica in 1996 from IBM for $550m
  • In March, Onex said it was preparing to reduce its long-term interest in the business

Onex Corp plans to sell about 6.8 million of Celestica’s subordinate voting shares (SVS), substantially all of which will be issued upon conversion of a corresponding number of Celestica’s multiple voting shares into SVS.

Celestica is a provider of electronics manufacturing services with headquarters in Toronto. The company will not sell any shares and will not receive any proceeds from the proposed secondary offering, according to a statement.

Onex acquired Celestica in 1996 from IBM for $550 million. In March, Onex said it would convert its multiple voting shares in the business to SVS on a one-for-one basis to prepare for a reduction in its long-term interest.

Based in Toronto, Onex is a private equity firm focused on two primary businesses: private equity and credit. It currently oversees C$51.1 billion in assets.

BofA Securities will act as the underwriter for the proposed offering.