Onex wraps up $960m stake acquisition in OneDigital
Canadian investment manager Onex Corporation has completed its previously announced acquisition of a majority stake in OneDigital, a US provider of employee benefits insurance brokerage and retirement consulting services.
The stake was acquired for a consideration of about $960 million.
The deal, which was signed in October 2020, values OneDigital at $2.65 billion.
Onex made the new equity investment through Onex Partners V and certain co-investors.
The sellers of the stake are New Mountain Capital, the previous majority shareholder, and OneDigital employees.
Following the completion of the deal, Onex and OneDigital’s employees will own a stake of around 83% of the employee benefits and retirement advisor.