March 21 Canadian private equity investment firm
Onex Corp said it would sell The Warranty Group, a
provider of extended warranty contracts, to an affiliate of TPG
Capital Management LP for an enterprise value of about
The deal value includes earnings the business generates from
Dec. 31, 2013 until the expected closing of the deal in the
third quarter of the year.
Onex bought The Warranty Group from insurance broker Aon
in 2006 for $710 million. Onex put $498 million of
equity into the deal, which also included substantial investment
by The Warranty Group's management.
(Reporting by Sayantani Ghosh in Bangalore)