Onex Corp. said Friday that it has agreed to sell Sitel Worldwide Corp. Onex said it expects to receive about $55 million in proceeds, which includes an earn-out. The buyer is Groupe Acticall of France. Nashville-based Sitel Worldwide is a customer care provider.
TORONTO, ONTARIO–(Marketwired – July 10, 2015) –
All amounts in U.S. dollars unless otherwise stated
Onex Corporation (“Onex”) (TSX:OCX) today announced it has agreed to sell Sitel Worldwide Corporation (“Sitel”). Onex’ proceeds are expected to be approximately $55 million, which includes an earn-out component. The transaction is expected to close later this year and is subject to customary closing conditions including regulatory approval.
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 $21 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 $34 billion, generate annual revenues of $24 billion and employ approximately 196,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website atwww.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.