Onex to sell KraussMaffei to ChemChina-led group for $1 bln
Canadian private equity firm Onex Corp has agreed to sell KraussMaffei Group, a German manufacturer of plastics processing machinery, to a group of investors that includes China National Chemical Corp (ChemChina). The deal has a cash enterprise value of €925 million (US$1.0 billion) and is expected to wrap up during the first half of this year. Onex acquired a majority position in Munich-based KraussMaffei from Madison Capital for €276 million in December 2012. It was the firm's first European deal since the opening of Onex' office in London the same year. With the company's sale to ChemChina, Onex expects to receive proceeds of about €670 million (US$729 million).
11 January 2016•3 mins read
