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Wednesday, April 13, 2011

Onex sells 31 percent stake in Spirit Aerosystems for $245 mln

Investment firm Onex Corp and its affiliates sold almost a third of their stake in aircraft parts maker Spirit Aerosystems , pocketing a gain of seven times their initial investment. Onex sold 10 million Spirit shares at $24.49 apiece for total proceeds of $245 million. The investment firm had paid $3.33 for each share in 2005. The sale price is 2 percent above Spirit's Wednesday close of $24 on the New York Stock Exchange. Onex Group's now owns a 16 percent stake in Wichita, Kansas-based Spirit Aerosystems, which currently has a market capitalisation of about $3.36 billion.

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