Onex to sell KraussMaffei for 925 million euros to ChemChina

Sun Jan 10, 2016 8:39pm EST
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Jan 11 (Reuters) - Canada's Onex Corp and its affiliate Onex Group said on Sunday they sold KraussMaffei Group, a German plastics processing machinery maker, to China National Chemical Corp for a cash enterprise value of 925 million euros ($1.01 billion).

According to the deal, Onex Group will receive proceeds of about 670 million euros, while Onex Corp will get 180 million euros, including carried interest of 12 million euros.

Onex bought KraussMaffei from U.S. investor firm Madison Capital in 2012 in a 568 million-euro deal, prevailing against rival offers from several Asian companies. ($1 = 0.9147 euros) (Reporting by Shivam Srivastava in Bengaluru; Editing by Peter Cooney)