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Onex Takes 50% Stake in BBAM

Direct News Source

02-Jan-2013 Onex Corp. has paid $165 million for a 50% stake in BBAM, a manager of commercial jet aircraft. Onex and the BBAM management team also announced the purchase of $25 million of newly issued shares of FLY Leasing Limited, a lessor of commercial jet aircraft managed by BBAM. In total, Onex Partners III invested $185 million, of which Onex' share was $47 million as a limited partner in the Fund.

Onex Corporation ("Onex") (TSX: OCX) today announced that it has completed the acquisition of a 50% interest in BBAM, the world's third largest manager of commercial jet aircraft, for $165 million.

Onex and BBAM's management team also completed the purchase of $25 million of newly issued shares of FLY Leasing Limited ("FLY") (NYSE: FLY), a leading global lessor of commercial jet aircraft managed by BBAM. Including this investment and the BBAM management team's existing stake, Onex and management will own approximately 11% of FLY. As part of the transaction, Onex and management's investment in FLY will become subject to a long-term lock-up agreement.

In total, Onex Partners III invested $185 million, of which Onex' share was $47 million as a limited partner in the Fund.