Onex Corporation (TSX:OCX) and The Carlyle Group announced today they have completed their $5.575 billion acquisition of Allison Transmission from General Motors Corporation. The transaction was first announced on June 28, 2007.
Allison Transmission designs, manufactures and markets automatic transmissions and Hybrid propulsion systems for on-highway trucks and buses, off-highway vehicles and equipment and military vehicles worldwide. The company, headquartered in Speedway, Indiana, employs 3,400 people and sells its transmissions through a worldwide distribution network and sales offices in North America, South America, Europe, Africa and Asia. Allison Transmission generates annual revenues in excess of $2 billion.
Allison's Chief Executive Officer, Larry Dewey commented, "We're excited about our future with Carlyle and Onex, which includes plans for new products, new markets, and global growth across the breadth of our business sectors."
The equity investment of approximately $1.5 billion is split equally between Onex and The Carlyle Group. Onex' share of the investment will be made by Onex Partners II LP and Onex Corporation itself. Carlyle's share of the investment will come from Carlyle Partners IV, its flagship U.S. buyout fund.
Note: This story has been adapted from a press release issued by Carlyle Group.
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