Northwire Canada EditionFriday, July 10, 2026
Sign inSubscribe
Northwire
⌕
NNX 0.035 +0.0% ABX 51.79 −0.8% TTS 2.50 +0.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.12 +11.2% TUNG 1.72 +1.8% LGO 1.00 −3.9% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.43 +0.0% SGZ 0.045 +0.0% S 0.160 +33.3% GRSL 0.315 −1.6% DEX 0.390 +1.3% WMS 0.040 +0.0% NNX 0.035 +0.0% ABX 51.79 −0.8% TTS 2.50 +0.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.12 +11.2% TUNG 1.72 +1.8% LGO 1.00 −3.9% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.43 +0.0% SGZ 0.045 +0.0% S 0.160 +33.3% GRSL 0.315 −1.6% DEX 0.390 +1.3% WMS 0.040 +0.0%
M&A / Property Routine +

Onex Partners Announces the Sale of Emerald to Apollo Funds

Onex Liquidates Portfolio Stake to Apollo While Convex Integration Drives Core Shift

By The Northwire Desk — AI Analysis May 11, 2026 · 06:45 ONEX · 115.65 ONEX CORPORATION SV
Executive Summary
  • Onex Partners announced the sale of its majority stake (>90%) in Emerald Holding Inc. (NYSE:EEX) to funds managed by Apollo Funds.
  • Transaction values Emerald at approximately $1.5 billion and will result in delisting from NYSE to become a private entity.
  • Deal expected to close in second half of 2026, subject to regulatory approvals.
  • Onex Partners III and V will receive full liquidity on their respective positions.
  • Goldman Sachs & Co. LLC advised Emerald; William Blair & Company and Solomon Partners advised Onex Partners.
  • CEO Hervé Sedky thanked Onex for stewardship since the pandemic era.
Material Impact
  • Routine Nature: This is a standard private equity exit strategy consistent with previous divestitures (Ryan Specialty $1.2B, OneDigital ~$1.1B). It does not alter Onex Corporation's core operating model or strategic direction.
  • Liquidity Impact: Provides liquidity to Onex Partners funds, which may eventually flow back to Onex Corp shareholders via management fees or carried interest distributions, but immediate impact on listed entity earnings is indirect.
  • Valuation Context: $1.5 billion exit represents approximately 17% of Onex Corporation's current market capitalization (~$8.8B), significant in absolute terms but routine for a PE firm with this asset base.
  • Market Sentiment: Positive confirmation that the fund is recycling capital, reinforcing the "return of capital" narrative established by recent earnings and NCIB activity.
ONEX · Price
Company Overview
  • Core Business: Onex Corporation operates as a diversified financial services company with three main segments: Private Equity, Credit Strategies, and Insurance (via Convex Group Limited).
  • Flagship Project: The acquisition of Convex Group Limited ($7B) completed in February 2026 is the primary strategic pivot, shifting focus toward recurring insurance/reinsurance income alongside traditional PE.
  • Development: Transitioning from a pure-play PE firm to an asset-management model with significant insurance exposure (Convex represents ~42% of investing capital).
  • Management: Bobby Le Blanc serves as CEO & President; Megan McClellan scheduled to become CFO in February 2026.
Read the original news release →

More from ONEX CORPORATION SV

Jun 25, 2026 · 07:30

Onex Partners adds another private aviation asset to its portfolio, but the deal is fund-level and does not alter Onex Corp's strategic trajectory or valuation.

M&A / Property Jun 10, 2026 · 08:30

Onex scales tools & home organization via Veritage JV, but execution risk and valuation stretch cap near-term upside.

M&A / Property May 15, 2026 · 07:00

Onex’s first full quarter with Convex lifts distributable earnings, but lower net income reflects shifting investment landscaping.

Earnings May 11, 2026 · 17:01

Onex Governance Restructuring Signals Stability Amidst Liquidity Realization

Regulatory May 11, 2026 · 07:30

Onex Capitalizes on Portfolio Liquidity While Governance Structure Tightens Control

Regulatory Apr 15, 2026 · 08:00

Onex Renewal of Share Buyback Signals Confidence Following Convex Acquisition and AIG Partnership

Other