03:57 PM EST - Onex Corp : Canada's biggest buyout firm, agreed to purchase Tube City IMS Corp. for $240 million in cash in a bid to create the world's largest provider of outsourced services to steel mills. Onex announced that it will acquire Tube City IMS from buyout firm Wellspring Capital Management LLC. Tube City IMS purchases raw materials, oversees sales networks and manages scrap metal for 66 steel mills in Canada, Europe and the U.S. Onex is assuming $480 million in debt. Tube City IMS is being positioned to become a global leader in outsourced steel services. Onex Corp.
T.OCX are trading up 25 cents at $25.00.
