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An update from ONEX Corporation ( (TSE:ONEX) ) is now available.
Onex Corporation has announced a significant investment and strategic partnership with AIG to acquire Convex, a leading specialty property and casualty (re)insurer, for $7 billion. Onex will own 63% of Convex, while AIG will hold 35%, with the remaining shares retained by Convex’s management. This acquisition is expected to accelerate Onex’s growth and enhance its position in the insurance sector. Additionally, AIG will acquire a 9.9% equity stake in Onex and commit $2 billion to Onex’s private equity and credit strategies over the next three years, which will bolster Onex’s asset management business and drive long-term growth.
The most recent analyst rating on (TSE:ONEX) stock is a Buy with a C$134.00 price target. To see the full list of analyst forecasts on ONEX Corporation stock, see the TSE:ONEX Stock Forecast page.
Spark’s Take on TSE:ONEX Stock
According to Spark, TipRanks’ AI Analyst, TSE:ONEX is a Outperform.
ONEX Corporation’s overall stock score reflects strong financial performance and positive earnings call sentiment as the most significant factors. The company’s robust profitability and revenue growth, along with successful investment returns, are key strengths. Technical analysis presents mixed signals, and valuation is reasonable. Challenges in achieving consistent fee-related earnings are a concern but are outweighed by the company’s overall positive outlook.
To see Spark’s full report on TSE:ONEX stock, click here.
More about ONEX Corporation
Onex Corporation operates in the financial sector, focusing on private equity and credit strategies. It is known for its expertise in the insurance ecosystem and has a history of strong investment performance. The company is involved in acquiring and managing businesses across various industries, with a particular emphasis on specialty property and casualty insurance and reinsurance.
Average Trading Volume: 73,912
Technical Sentiment Signal: Buy
Current Market Cap: C$8.12B
Learn more about ONEX stock on TipRanks’ Stock Analysis page.