Onex to buy Integrated Specialty Coverage from KKR

[M&A Mergers And Acquisitions]
narvo vexar

Onex Corporation (TSX:ONEX:CA [https://seekingalpha.com/symbol/ONEX:CA]) said on Thursday that its Onex Partners Opportunity Fund agreed to acquire [https://seekingalpha.com/pr/20237786-onex-partners-to-acquire-integrated-specialty-coverages]a tech-enabled insurance platform, Integrated Specialty Coverages ("ISC"), from KKR (NYSE:KKR [https://seekingalpha.com/symbol/KKR]).

The investment by Onex Partners is being made alongside the Public Sector Pension Investment Board (“PSP Investments”), Ardian (through its Co-Investment strategy), and several other institutional equity partners. ISC’s management team and employees will remain significant shareholders following the transaction.

The insurance sector has been a core focus for Onex Partners. "This investment continues Onex Partners’ long history of successfully investing across the entire property & casualty insurance value chain, particularly in founder-led businesses," the company said.

Onex (TSX:ONEX:CA [https://seekingalpha.com/symbol/ONEX:CA]) stock rose 0.8% in afternoon trading in Toronto.

Financial terms of the deal weren't disclosed. The transaction is expected to close later this year.

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