Onex Completes Acquisition of Skilled Healthcare Group Leading Operator of Long-Term Care Facilities

Business Wire, Dec 27, 2005

TORONTO -- All amounts in Canadian dollars unless otherwise stated.

Onex Corporation (TSX:OCX.SV) announced today that it has completed the previously-announced acquisition of Skilled Healthcare Group, Inc., a leading operator of long-term care facilities in the western United States, in a transaction valued at approximately $745 million.

Skilled Healthcare's subsidiaries, operating a total of 69 skilled nursing and assisted living facilities in California, Texas, Kansas and Nevada, focus on treating elderly patients that require a high level of skilled nursing care and extensive rehabilitation therapy. The company's subsidiaries also provide rehabilitation therapy services in its affiliated facilities and for third parties. The company has recently established a growing subsidiary hospice care business.

The equity investment of approximately $260 million was made through Onex Partners, Onex' $2.1 billion private equity fund, and includes a significant investment by Skilled Healthcare's senior management team.

Onex Corporation is a diversified company with annual consolidated revenues of approximately $16 billion and consolidated assets of approximately $15 billion. Onex is one of Canada's largest companies with global operations in service, manufacturing and technology industries. Its operating companies include Celestica Inc., Spirit AeroSystems, Inc., Emergency Medical Services Corporation, Skilled Healthcare Group, Inc., ClientLogic Corporation, Cineplex Entertainment Limited Partnership, J.L. French Automotive Castings, Inc., Res-Care, Inc., Cosmetic Essence, Inc., Center for Diagnostic Imaging, Inc. and Radian Communication Services Corporation. Onex controls and has a 25% equity interest in Onex Partners, its $2.1 billion private equity fund. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX.SV.

For more information on Onex, visit its website at www.onex.com.

Onex' security filings can be accessed at www.sedar.com.

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events, or otherwise.

Onex Corporation (TSX:OCX.SV)