Sept 26 Canadian private equity company Onex
Corp said it will buy German plastics machinery maker
KraussMaffei AG for 568 million euros ($736.3 million).
KraussMaffei is the first European-based investment for Onex
Partners III, Onex's $4.7 billion private equity fund.
Onex Partners III will make an equity investment of about
$340 million, of which Onex's share is about $86 million as a
limited partner in the fund.
Munich-based KraussMaffei, which has manufacturing plants in
Germany, Switzerland, Slovakia and China, generated revenue of
about 1.0 billion euros for the twelve months ended June 30.
Sources close to the transaction told Reuters on Tuesday the
deal was about to be signed, but declined to give financial
A Chinese machinery group had also expressed interest in
KraussMaffei Technologies, which is owned by private equity
group Madison Capital.
KraussMaffei Technologies has common roots with defense
group Krauss-Maffei Wegmann but today is an independent company.
The deal is expected to close by March 2013, Onex said on
Onex said earlier this month it would acquire Kentucky-based
SGS International Inc, a graphics servicing provider to the
packaging industry, for $813 million.