Onex completes acquisition of Tomkins

ERJ staff report (DS)

Toronto, Canada -- Onex Corp. and Canada Pension Plan Investment Boardsaid they have completed the acquisition of Tomkins plc at a price of £3.25 per share in cash. The total transaction value including the assumption of debt is US$5.0 billion.

Tomkins is an industrial holding company that operates a number of businesses. Its brands include: Gates - the world's largest aftermarket manufacturer and distributor of belts and hoses for the industrial and automotive market and Schrader - the world's largest designer and manufacturer of remote tire pressure monitoring systems.

"My entire management team and I are excited to be working with Onex and CPPIB," said Jim Nicol, the Chief Executive Officer of Tomkins. "This is a pivotal moment in our company's history and we're delighted to have partners that support our vision for the business's future."

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Press release from Onex