Onex Corp., Toronto, said it is selling the rest of its stake in behavioral-health firm Magellan Health Services, Avon, Conn. The sale of 3.76 million shares follows a previous sale of 4.8 million shares, and the conglomerate said it stands to net about $254 million from both sales after its $110.6 million investment in Magellan. Onex at one time owned as much as 24% of the company, and the financing helped Magellan after it emerged from bankruptcy in January 2004. Magellan earned net income of $80.7 million, or $2.17 per share, on revenue of $1.37 billion in the first nine months of 2005. That compares with net income of $67.9 million, or $1.87 per share, on revenue of $1.35 billion in the first nine months of fiscal 2004. -- by Joseph Mantone
Onex to sell last stake in behavioral-health firm
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