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Electronics Production | November 08, 2005

Onex sells remaining interest in<br>Magellan Health Services

Onex Corporation announced that it is selling for distribution to the public its remaining interest in Magellan Health Services, Inc.
The 3.76 million shares of Magellan common stock are owned by Onex Partners, Onex' $2.1 billion private equity fund, and are being sold for net proceeds of approximately $125 million, of which Onex' share will be approximately $33 million. The transaction is expected to close on or about November 9, 2005.

Onex and Onex Partners invested $131 million in Magellan beginning in January 2004 for a 24% ownership interest and sold a portion of their interest in May 2005 for net proceeds of $176 million. Following the completion of the transaction announced today, Onex and Onex Partners will have realized approximately $301 million in aggregate net proceeds in respect of the Magellan investment, of which Onex' share, acquired at a cost of $31 million, will have been approximately $80 million.

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