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MarketBeat
Tue, February 24, 2026 astatine 4:36 AM CST 9 min read
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Onex’s completed Convex acquisition (transaction worth ~$7 billion; Onex ~63% owner) is present the firm’s largest expected worth driver—Convex generated $711 cardinal of nett income successful 2025, adjacent to astir $423 million attributable to Onex, with a tangible publication of $3.8 cardinal implying a ~1.8x TBV acquisition multiple.
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Management is shifting to a much capital‑light, direct‑investment strategy to present accordant nett income and escaped currency flow, utilizing a sum‑of‑the‑parts model that places Onex’s intrinsic worth astatine astir $174 per stock based connected Convex, plus absorption FRE, and existing balance‑sheet marks.
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Operationally, Onex realized $8 cardinal of PE exits successful 2025 (delivering >$800 cardinal to the firm), grew fee‑generating AUM to astir $44 billion, finished 2025 with run‑rate FRE of $17 million (projecting low‑ to mid‑$20M for 2026), and holds astir $900 million of liquidity aft the Convex close; CFO Chris Govan volition beryllium replaced by Megan McClellan.
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Onex (TSE:ONEX) executives highlighted what they described arsenic a beardown 2025 and an improving outlook pursuing the completion of the Convex acquisition and a caller strategical narration with AIG, arsenic absorption emphasized a displacement toward much accordant nett income and escaped currency travel growth.
Chief Executive Officer Bobby Le Blanc said the precocious completed acquisition of Convex is expected to beryllium Onex’s largest contributor to worth instauration going forward. Le Blanc noted Onex had “almost 7 years of owed diligence” connected Convex due to the fact that it was antecedently an Onex Partners V portfolio company, describing that informational vantage arsenic cardinal to the firm’s approach.
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Management reiterated that the transaction valued Convex astatine $7 billion, with Onex owning astir 63% and AIG astir 35%. Le Blanc besides pointed to Convex absorption “rolling astir $500 cardinal of equity and accrued incentives,” which helium characterized arsenic a ballot of assurance successful the partnership.
Onex provided year-end fiscal accusation for Convex and said the concern delivered $711 cardinal successful nett income successful 2025 and a 20% instrumentality connected equity. Management said nett income accrued 25% versus the $566 cardinal latest-twelve-months fig referenced astatine the clip of the acquisition announcement and roseate 40% from $506 cardinal successful 2024. Based connected Onex’s 63% ownership, Le Blanc said the 2025 nett income equates to $423 cardinal for Onex and is updated for Convex’s pro forma involvement outgo connected $600 cardinal of indebtedness raised arsenic portion of the transaction.
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