Onex Completes Sale of Husky International for $2.1 Billion

TORONTO, ONTARIO--(Marketwire - June 30, 2011) -

All amounts in U.S. dollars unless otherwise stated

Onex Corporation (TSX:OCX) and its affiliates (the "Onex Group") today announced that they have completed the sale of Husky International to Berkshire Partners and OMERS Private Equity for $2.1 billion.

In December 2007, the Onex Group acquired Husky with an equity investment of $622 million and has received net proceeds of $1.8 billion, providing a gain of approximately $1.2 billion. This results in a multiple of invested capital of 2.9 times and a 36% rate of return. Onex' portion of the net proceeds are approximately $583 million, including carried interest.

"We are very pleased with the outcome for everyone involved, including our shareholders and our limited partners," said Anthony Munk, a Managing Director of Onex. "Husky is an exceptional business with a first-class management team and we wish them continued success."

About Onex

Onex is one of North America's oldest and most successful investment firms committed to acquiring and building high-quality businesses in partnership with talented management teams. Onex manages investment platforms focused on private equity, credit securities and real estate. In total, the company manages approximately $15 billion, of which $10 billion is third-party capital. As well, Onex invests its own capital directly and as a substantial limited partner in each of its Funds.

Onex' businesses generate annual revenues of $35 billion, have assets of $39 billion and employ approximately 210,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company's security filings can also be accessed at www.sedar.com.

Forward Looking Statements

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.