April 13, 2011 / 10:07 PM / 7 years ago

UPDATE 1-Onex sells 31 pct stake in Spirit Aerosystems for $245 mln

* Pockets seven times gain on initial investment

* Says owns 16 pct after sale

* Sale of 10 mln shares at $24.49/shr (Follows alerts)

April 13 (Reuters) - Investment firm Onex Corp and its affiliates sold almost a third of their stake in aircraft parts maker Spirit Aerosystems , pocketing a gain of seven times their initial investment.

Onex sold 10 million Spirit shares at $24.49 apiece for total proceeds of $245 million. The investment firm had paid $3.33 for each share in 2005.

The sale price is 2 percent above Spirit’s Wednesday close of $24 on the New York Stock Exchange.

Onex Group’s now owns a 16 percent stake in Wichita, Kansas-based Spirit Aerosystems, which currently has a market capitalisation of about $3.36 billion.

Shares of Toronto-based Onex closed at C$1.57 on Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore;Editing by Vyas Mohan)

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