Garrett Motion falls as top shareholders look to cut stake in secondary offering

Garrett Motion. (Delaware)

21/05/2025 14:05

** U.S.-listed shares of Switzerland-based automotive technology provider Garrett Motion GTX.O fall 5.9% to $11.20 premarket

** GTX late Tuesday announced launch of secondary public offering of 17 million shares held by top shareholders Oaktree Capital, Centerbridge Partners and Cyrus Capital

** Stock closed 0.4% lower at $11.90 on Tuesday

** Concurrently, GTX has authorized purchase of ~2 million shares from underwriters as part of secondary public offering

** Goldman Sachs and J.P. Morgan are underwriters for the offering

** GTX will have ~200 million shares outstanding upon completion of offering and repurchase

** Lone analyst covering stock rates it "buy" with $14 PT - data compiled by LSEG

** As of last close, GTX stock up 31.8% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))