Gates Industrial slips as Blackstone's stake sale prices

Gates Industrial

13/02/2024 14:40

** Shares of industrial machinery firm Gates Industrial
 GTES.N  down 3% at $12.42 early Tues as secondary offering
prices
    ** GTES says Blackstone  BX.N  sold 17.5 mln shares with
Citigroup, Goldman and Jefferies as jt lead bookrunners
    ** Offering prices at $12.20, 4.7% discount to stock's last
close, IFR reports
    ** In addition, co to repurchase $50 mln worth, or ~4.2 mln
shares from Blackstone
    ** Transactions cut private equity sponsor's stake from
36.4% to 28.7%, or ~78.4 mln shares, per the SEC filing late Mon
    ** Gates has ~264 mln shares outstanding
    ** With move on Tues, stock off ~7% 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))