Aon said it has sold its Aon Warranty Group to Onex Partners, an affiliate of Onex Corporation, based in Toronto, Ontario, Canada, for approximately $710 million ($800 million Canadian).
Aon said Virginia Surety Company is among the businesses to be sold.
Aon Warranty provides extended warranty contracts to a wide range of consumer products and services.
The Chicago-based insurance broker said the acquisition is subject to customary conditions, including the receipt of required regulatory approvals, and is expected to close in the fourth quarter of 2006.
In a statement, Onex said the purchase price of the deal was $710 million.
Onex is a diversified holding company with offices in Toronto and New York, with annual consolidated revenues of $17.9 billion ($20 billion Canadian).
No additional details of the deal were released by either company.
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