Onex Completes Convex Acquisition and Strategic Investment by AIG

Executive Summary

• Onex Corporation completed its previously announced $7 billion acquisition of Convex Group Limited, creating a new core platform alongside Private Equity and Credit.
• AIG co‑invested, acquiring ~9.9% of Onex’s subordinate voting shares and committing $2 billion to Onex’s private‑equity and credit strategies over the next three years.
• The transaction is expected to generate meaningful recurring net income and free cash flow for shareholders; an update on Convex’s 2025 financial results will be provided with Onex’s Q4 2025 earnings release on February 20, 2026.

Key Details

• Transaction Value: $7 billion total purchase price for Convex Group Limited.
• Ownership Structure Post‑Closing: Onex – ~63%; AIG – ~35%; Convex management team – remainder.
• AIG Participation: Subscribed for 7.5 million subordinate voting shares of Onex (≈9.9% ownership) and pledged a $2 billion capital commitment to Onex’s private‑equity and credit platforms over three years.
• Strategic Rationale: Convex will serve as a core platform for Onex, providing recurring net income and free cash flow; aligns with Onex’s shift toward a capital‑lighter asset‑management model focused on high‑return, risk‑adjusted investments.
• Future Reporting: Onex to report Q4 2025 results on 2026‑02‑20, including an update on Convex’s 2025 financial performance.
• Regulatory Note: Acquisition qualifies as a “related party transaction” under MI 61‑101; exemptions applied because consideration did not exceed 25% of Onex’s market capitalization.

Notable Quotes

“This is a pivotal moment in Onex’ history and the addition of Convex positions us well for accelerated value creation and earnings growth.” – Bobby Le Blanc, CEO, Onex
“We look forward to working with our co‑investor AIG… to achieve the full potential of our strategic relationship and maximize value for all Onex shareholders.” – Bobby Le Blanc, CEO, Onex