ONEX.TO - Onex Corporation

Toronto - Toronto Delayed Price. Currency in CAD
82.87
+0.27 (+0.33%)
At close: 4:00PM EDT
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Previous Close83.42
Open82.58
Bid82.86 x 0
Ask82.84 x 0
Day's Range82.51 - 83.36
52 Week Range71.28 - 93.24
Volume93,634
Avg. Volume139,659
Market Cap8.297B
Beta (3Y Monthly)0.49
PE Ratio (TTM)2.23
EPS (TTM)37.19
Earnings DateNov 7, 2019 - Nov 11, 2019
Forward Dividend & Yield0.40 (0.49%)
Ex-Dividend Date2019-07-09
1y Target Est96.36
  • GlobeNewswire

    Onex to Present at the CIBC Eastern Institutional Investor Conference

    All amounts in U.S. dollars unless otherwise stated TORONTO, Sept. 19, 2019 -- Onex Corporation (“Onex”) (TSX: ONEX) today announced that Chris Govan, Chief Financial.

  • GlobeNewswire

    Onex Third-Quarter Dividend Declared

    All amounts in U.S. dollars unless otherwise stated  TORONTO, Sept. 19, 2019 -- The Board of Directors of Onex Corporation (TSX: ONEX) today declared a third-quarter dividend.

  • GlobeNewswire

    Onex to Host Investor Day

    All amounts in U.S. dollars unless otherwise stated  TORONTO, Sept. 12, 2019 -- Onex Corporation (“Onex”) (TSX: ONEX) today announced it will host its 2019 Investor Day for.

  • Moody's

    JELD-WEN, Inc. -- Moody's: JELD-WEN's ratings unchanged upon a term loan add-on

    Moody's Investors Service said that JELD-WEN, Inc.'s ("JELD-WEN") proposed $100 million add-on to its existing $433 million senior secured term loan due 2024 does not impact the company's existing ratings, including its Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, Ba2 rating for senior secured term loan, and B1 rating for senior unsecured notes. JELD-WEN's Moody's adjusted debt to LTM EBITDA stood at approximately 3.9x at June 29, 2019, which is somewhat elevated due to seasonal revolver borrowings. Also, Moody's expects JELD-WEN's longer-term earnings profile to benefit from the company's active cost cutting strategies, including footprint rationalization and manufacturing productivity enhancements.

  • GlobeNewswire

    Onex Partners and BPEA Announce Secondary Offering of Clarivate Analytics

    CCC.WS) at an offering price of $16.00 per share.  The underwriters were granted a 30‑day option to purchase up to 5.175 million additional ordinary shares from the Group.  Clarivate is a global leader in providing trusted insights and analytics to accelerate the pace of innovation. At the offering price and before the underwriters’ option, gross proceeds to the Group will be approximately $552 million, of which Onex’ share will be approximately $144 million as a Limited Partner in Onex Partners IV and as a co-investor.  Onex, BPEA and their affiliated funds will continue to hold approximately 183.0 million ordinary shares of Clarivate, making it the largest shareholder with an interest of 60%.  Onex will continue to hold approximately 49.8 million ordinary shares for a 16% interest.

  • GlobeNewswire

    Onex Partners Announces Secondary Sale of SIG Combibloc

    Onex Corporation (“Onex”) (ONEX.TO) and its affiliated funds (the “Onex Group”) today announced they sold approximately 30.0 million shares of SIG Combibloc Group (“SIG”) (SIGN.SW), a leading systems and solutions provider for aseptic carton packaging. At the placement price of CHF 12.00 per share, gross proceeds to the Onex Group will be approximately $367 million, of which Onex’ share will be approximately $129 million as a Limited Partner in Onex Partners IV and as a co-investor.  The Onex Group will continue to hold approximately 133.2 million shares of SIG for an interest of 42%.  Onex will continue to hold approximately 46.9 million shares for a 15% interest.

  • Sedgwick completes acquisition of York Risk Services Group
    PR Newswire

    Sedgwick completes acquisition of York Risk Services Group

    MEMPHIS, Tenn. , Sept. 4, 2019 /PRNewswire/ -- Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, today announced the completion of its purchase ...

  • Reuters

    UPDATE 1-Air Canada files challenge over Onex's C$3.5 bln buyout of rival WestJet

    Air Canada has challenged Onex Corp's proposed acquisition of WestJet Airlines, on grounds that the deal may not meet the country's ownership rules, according to a letter sent by the carrier to the Canadian Transportation Agency. Toronto-based Onex's planned C$3.5 billion ($2.6 billion) buyout of Calgary-based WestJet has received approval from the carrier's shareholders and some regulators, but the agency is still reviewing whether the deal meets Canada's protective ownership laws. Under Canadian rules, foreigners cannot own more than 49% equity in a Canadian airline.

  • Air Canada Challenges Onex’s Takeover of Rival WestJet
    Bloomberg

    Air Canada Challenges Onex’s Takeover of Rival WestJet

    (Bloomberg) -- Air Canada is calling on the country’s transportation regulator to take a closer look at Onex Corp.’s takeover of WestJet Airlines Ltd., arguing that the C$3.5 billion ($2.6 billion) deal may run afoul of foreign-ownership rules.“I am writing to express the concern that, due to the structure of the transaction and the capital and corporate governance structure of Onex, the transaction may result in an undertaking that is not ‘Canadian’ within the meaning” of the Canada Transportation Act, Air Canada’s general counsel David Perez wrote in an Aug. 15 letter to the Canadian Transportation Agency. “Onex’s structure also appears to provide insufficient protections to ensure that WestJet continues to be Canadian in the future.”Onex, the Toronto-based buyout firm founded and led by Gerry Schwartz, agreed in May to buy Canada’s second-biggest carrier in a cash deal and take the company private. The acquisition was valued at C$31 a share, or C$5 billion including debt, Toronto-based Onex said at the time. The stock closed Friday at C$30.86 in Toronto.Air Canada’s letter said that WestJet’s purchaser will also have a number of co-investors that may include foreign sovereign wealth funds, foreign airlines and other non-Canadians, and that Onex lacks the necessary internal controls to ensure that Calgary-based WestJet remains Canadian.Foreign ownership rules under Canada’s transportation act require a company to be 51% owned and controlled by Canadians, with no more than 25% voting interest held by any single non-Canadian.“We urge the agency to carefully consider whether the transaction will result in an undertaking that is Canadian and to use its powers to investigate and uphold the Act as necessary,” Air Canada said.The appeal was reported earlier in the Globe and Mail.“Onex is pleased to have received approval from the minister of transport and the Competition Bureau for the WestJet transaction,” the company said in an e-mail. “Onex is engaged with the CTA on the regulatory approval process of our transaction.”WestJet spokeswoman Lauren Stewart said the arrangement is still subject to the receipt of the Canadian Transportation Agency’s review of the ownership structure.“Assuming the timely receipt of this approval, the transaction is expected to close in the fourth quarter of 2019,“ Stewart said in an e-mail. “As the deal remains under regulatory review, we will not be providing further comment.(Updates with company comments)To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.netTo contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, ;Michael J. Moore at mmoore55@bloomberg.net, Brendan CaseFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Air Canada files challenge over Onex's C$3.5 billion buyout of rival WestJet
    Reuters

    Air Canada files challenge over Onex's C$3.5 billion buyout of rival WestJet

    Air Canada has challenged Onex Corp's proposed acquisition of WestJet Airlines , on grounds that the deal may not meet the country's ownership rules, according to a letter sent by the carrier to the Canadian Transportation Agency. Toronto-based Onex's planned C$3.5 billion ($2.6 billion) buyout of Calgary-based WestJet has received approval from the carrier's shareholders and some regulators, but the agency is still reviewing whether the deal meets Canada's protective ownership laws.

  • GlobeNewswire

    Onex to Present at the Scotiabank Financials Summit

    All amounts in U.S. dollars unless otherwise stated TORONTO, Aug. 30, 2019 -- Onex Corporation (“Onex”) (TSX: ONEX) today announced that Seth Mersky, Senior Managing Director,.

  • Bloomberg

    Save-A-Lot Debt Goes for Half Off as Grocery Rivals Squeeze Sales

    (Bloomberg) -- Competition in the cutthroat grocery business is spoiling Onex Corp.’s 2016 purchase of Save-A-Lot Inc., with sales shrinking, leverage soaring and its debt sinking deep into distress.Save-A-Lot is working with investment bank PJ Solomon Securities LLC to bolster itself, according to people with knowledge of the situation. The company is talking to several parties including the Lidl discount chain and other grocers about asset sales, investments or partnerships and other potential options, said the people, who asked not to be named discussing a private matter.Law firms specializing in restructuring debt have started reaching out to represent lenders, the people said, but no firm has been retained by a group. The preliminary discussions began as a precaution after the most recent downbeat earnings report and haven’t turned into formal negotiations with the company, according to the people.The discount grocer is struggling to win customers as Germany’s Lidl and Aldi invest in new U.S. stores and remodel while keeping prices low. With same-store sales and revenue suffering, Save-A-Lot’s debt jumped to more than 20 times its adjusted Ebitda at the end of June, people with knowledge of the results said.Representatives for Save-A-Lot, based in suburban St. Louis, declined to comment. Toronto-based Onex, PJ Solomon and Lidl also declined to comment. The engagement of PJ Solomon was previously reported by Reuters.Onex bought the 1,300-store chain less than three years ago for $1.4 billion. The deterioration in the business since then has spooked investors, sending prices on its loans to fresh lows.On Aug. 8, Onex reported that Save-A-Lot’s trailing 12-month adjusted Ebitda slumped to $35 million, about half the $70 million reported in the previous quarter. Recent quotes on Save-A-Lot’s $722 million first-lien loan have since fallen to the low 40’s from the 50’s immediately following the release, according to people familiar with the pricing.Discount RivalsSave-A-Lot is one of the largest discount grocers in the U.S, with corporate-owned and independent stores in 36 states, according to its website. But results have languished since the Onex deal, and its debt has risen. The chain had more than $820 million of net debt outstanding, comprised primarily of a loan due in 2023, and $24 million of cash at quarter-end, the people said.The stiff competition, weak liquidity and cash burn earned a CCC grade in a March report from S&P Global Ratings, which said that a pro-active restructuring seems increasingly possible. The distressed price of the loan might also tempt the company or Onex to buy the debt back at less than face value, S&P said.Turnaround EffortsStill, the company has some breathing room because of debtor-friendly provisions of its loans.“The debt at Save-A-Lot is covenant light, so there is no financial maintenance covenants attached in the term loan,” Christopher Govan, Onex’s Chief Financial Officer, said on a conference call in May. “There’s no maturities until into the 2020s.”In a effort to revive the business, the company poached Kenneth McGrath, a market veteran from Lidl, in 2017. As chief executive officer, McGrath has closed weaker stores and reduced headcount.Save-A-Lot has “under-performed expectations,” Matt Ross, managing director at Onex, said on a conference call this month, pointing to the intense competition in the food and retail market.Read More: Save-A-Lot May Become Victim to Changing Food Retail Landscape“The goal posts have moved materially there and it’s requiring more and taking longer than expected, but management continues to develop and launch new programs to re-position the company and we continue to support them in those efforts,” he said.Save-A-Lot may have to slash prices to attract and retain customers, according to Jennifer Bartashus of Bloomberg Intelligence.“It’s much harder to win back business you’ve lost, customers tend to have a long memory,” she said in an interview. “You may have to drop the price of a gallon of milk just to drive traffic.”Aldi, for example, expanded its market share among U.S. discounters to about 60% from 56% in 2016, while Save-A-Lot’s share fell to 23% from 28%, according to Euromonitor. Competition is heating up not just from from rival discounters, but also big-box retailers like Walmart Inc., Bartashus said.“Larger players are gobbling up smaller players, or smaller players are just ceasing to exist,” she said. “It’s like watching a slowly sinking ship.”To contact the reporters on this story: Katherine Doherty in New York at kdoherty23@bloomberg.net;Lauren Coleman-Lochner in New York at llochner@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Nicole BullockFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • GlobeNewswire

    Onex Partners Completes Sale of Jack’s Family Restaurants

    All amounts in U.S. dollars unless otherwise stated TORONTO, Aug. 19, 2019 -- Onex Corporation (“Onex”) (TSX: ONEX) and its affiliated funds today announced they have.

  • GlobeNewswire

    ONCAP to Partner with ILAC

    All amounts in U.S. dollars unless otherwise stated TORONTO, Aug. 15, 2019 -- ONCAP today announced it has reached an agreement to partner with the International Language.

  • CNW Group

    Canadian Competition Bureau approves WestJet's proposed transaction with Onex

    CALGARY , Aug. 13, 2019 /CNW/ - WestJet Airlines Ltd. (WJA.TO) ("WestJet") today announced that the Canadian Competition Bureau has granted unconditional approval for WestJet's proposed transaction with Onex Corporation ("Onex") (ONEX.TO) (the "Arrangement") by issuing a no-action letter. Ed Sims , WestJet's President and Chief Executive Officer, said, "Receiving unconditional approval from the Canadian Competition Bureau is another important step on our path to closing the transaction.

  • GlobeNewswire

    Onex Reports Second-Quarter 2019 Results

    All amounts in U.S. dollars unless otherwise stated TORONTO, Aug. 08, 2019 --  Onex Corporation (TSX: ONEX) today announced its financial results for the second quarter and.

  • Moody's

    Kestrel Bidco Inc. -- Moody's assigns Ba2 Sr Sec rating to Kestrel Bidco (acquiror of WestJet Airlines)

    Moody's Investors Service ("Moody's") assigned ratings to Kestrel Bidco Inc. (dba "WestJet Airlines") consisting of a Ba3 corporate family rating (CFR), Ba3-PD probability of default rating, and Ba2 ratings to the company's proposed new senior secured revolving credit facility and senior secured first lien term loan. When the acquisition closes, expected around September, 2019, Moody's will withdraw all WestJet ratings, including its' Ba1 CFR, Ba1-PD PDR, Ba2 senior unsecured rating and SGL-2 liquidity rating, currently under review for possible downgrade.

  • Reuters

    UPDATE 2-Canada's WestJet posts surprise profit despite sector's 737 MAX woes

    WestJet Airlines Ltd, which is being acquired by Onex Corp, reported a surprise quarterly profit and better-than-expected revenue on Friday while many airlines have warned of financial hits from the grounding of the Boeing Co 737 MAX jets. WestJet, which has grounded its 13 737 MAX jets, said it had been able to re-accommodate the majority of passengers on alternate flights. The 737 MAX, which had been Boeing’s fastest-selling aircraft thanks to its fuel-efficient engines and longer range, was grounded worldwide in March after an Ethiopian Airlines plane plunged to the ground soon after take-off, five months after a similar Lion Air fatal crash off the coast of Indonesia.

  • CNW Group

    Court of Queen's Bench of Alberta approves WestJet's proposed transaction with Onex

    CALGARY , July 26, 2019 /CNW/ - WestJet Airlines Ltd. (WJA.TO) ("WestJet") today announced that the Court of Queen's Bench of Alberta has granted a final order approving the previously announced proposed transaction with Onex Corporation ("Onex") (ONEX.TO) (the "Arrangement"). The Arrangement was approved by more than 92.5 per cent of shareholders and optionholders who voted at a special meeting of WestJet held on July 23, 2019 . The Arrangement is still subject to other conditions to closing, including receipt of the remaining regulatory approvals.

  • CNW Group

    WestJet reports a significant return to second quarter profitability

    WestJet reports a significant return to second quarter profitability

  • WestJet shareholders approve private equity buyout
    Reuters

    WestJet shareholders approve private equity buyout

    The C$31 per share deal, announced in May, received a green light from Canada's transport minister last month. WestJet has reported a decline in net profit for each of the last three years, hurt by rising fuel costs, pressure on ticket prices and other problems. The WestJet purchase will be led by Onex Partners, Onex's private equity platform focused on larger investments.

  • CNW Group

    WestJet receives overwhelming securityholder support for its acquisition by Onex

    CALGARY , July 23, 2019 /CNW/ - WestJet Airlines Ltd. (WJA.TO) ("WestJet") today announced that at a special meeting held today (the "Meeting"), its shareholders and optionholders overwhelmingly voted to approve its previously announced proposed transaction with Onex Corporation ("Onex") (ONEX.TO).  Of the votes cast at the Meeting, more than 92.5 per cent of shareholders and optionholders who voted were in favour of the proposed transaction. WestJet and Onex entered into a definitive agreement on May 12, 2019 (the "Arrangement Agreement"), for the proposed acquisition of WestJet by Onex under a plan of arrangement, pursuant to which each outstanding share of WestJet will be exchanged for $31.00 in cash subject to the terms and conditions of the Arrangement Agreement (the "Arrangement"), following which WestJet will operate as a privately-held company.