Onex Sells Majority Stake in TMS for $410 Mln

Onex Corp. has agreed to sell its majority stake in TMS International to The Pritzker Organization. Terms of the deal call for Pritzker to pay $17.50 a share, or $410 million, for 60% of TMS, Onex says. Onex invested $249 million in TMS in 2007 and will receive $172 million in proceeds, including $10 million in carried interest, fromt he sale. Onex says it has received $504 million in total proceeds from TMS, including funds from an earlier IPO and prior distributions. Onex says the sale will result in a gross multiple of capital invested of approximately 2 times.

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