Gates Industrial drops as Blackstone slices stake

Gates Industrial

12/02/2024 21:35

** Shares of industrial machinery firm Gates Industrial
 GTES.N  down 4.6% at $12.21 on news of secondary offering
    ** GTES announces Blackstone  BX.N  to offload 17.5 mln
shares with Citigroup, Goldman and Jefferies as jt lead
bookrunners
    ** In addition, co to repurchase $50 mln worth of shares
from Blackstone
    ** Transactions would cut private equity sponsor's stake
from 36.4% to 28.7%, or ~78.4 mln shares, per the SEC filing
    ** Gates has ~264 mln shares outstanding
    ** Stock closed up 0.9% at $12.80 on Mon, down 4.6% to start
2024 after ~18% gain in 2023

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))