Gates Industrial falls as Blackstone to reduce stake

Gates Industrial

07/12/2023 22:15

** Gates Industrial's  GTES.N  stock down 6.5% after hours
after co announces secondary offering
    ** Industrial machinery firm says PE firm Blackstone  BX.N 
to sell 15 mln shares
    ** Blackstone's stake would be reduced by about 6% to ~37%,
or ~98.5 mln shares, per the SEC filing
    ** Gates has ~264.1 mln shares outstanding
    ** Citigroup, Goldman and Jefferies joint lead bookrunners
for offering
    ** Gates last month posted Q3 adj EPS beat of 35 cents and
slight rev miss of $837 mln, per LSEG, and raised FY adj EPS
guidance to $1.22-$1.28
    ** GTES shares on Thurs closed up 0.6% at $12.25. Stock has
gained about 10% since the earnings report

 (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))