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Onex completes acquisition of Convex Group in partnership with AIG
Onex Corp. has finalized its acquisition of Convex Group Ltd., a specialty insurance and reinsurance business, in a US$7 billion deal alongside American International Group Inc. Onex will own 63% of Convex, AIG 35%, and Convex management the remainder. This acquisition is anticipated to boost earnings and generate recurring net income and free cash flow for the Toronto-based private equity firm.