Onex Corp. (TSX:OCX) said Tuesday it has sold its remaining stake in Allison Transmission.
The private equity firm and its affiliates have sold the last 2.7 million shares they held in the U.S. company.
The Onex Group and the Carlyle Group each invested US$763 million in August 2007 to acquire Alllison Transmission from General Motors.
Allison Transmission manufacturers commercial-duty automatic transmissions and hybrid systems for transit and city buses and other vehicles.
Onex said Tuesday that, together with its affiliates, it has received roughly $2.4 billion in aggregate proceeds from the investment.
Onex's share totalled US$770 million compared with its original investment of US$237 million.
Shares in the company closed down four cents at US$30.07 on the New York Stock Exchange on Tuesday.
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