Onex and Carlyle Group return to auto business

Onex Corp. is back in the auto business after teaming up with another company in a $5.6 billion (U.S.) deal to buy a major transmission manufacturer whose founder started the world's most famous car race.

Toronto-based Onex and The Carlyle Group, a private equity firm in Washington, announced yesterday they had reached a definitive agreement to acquire Allison Transmission, a division of General Motors Corp.

Under the deal Onex, which has a history of buying and selling companies in the auto industry, and Carlyle will purchase Allison's seven operations in Indianapolis, Ind., plus the company's global distribution network and sales offices.

Read Full Article from Toronto Star

- Posted: 2007-06-29 10:55:26

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