Gates Industrial slips as Blackstone to sell shares

Gates Industrial

16/05/2023 21:35

** Shares of Gates Industrial Corporation  GTES.N  down
nearly 3% post-market on secondary offering launch
    ** Industrial machinery firm says Blackstone  BX.N  to sell
22.5 mln shares in public offering 
    ** In addition, co to repurchase $250 mln worth of shares
sold by Blackstone to Citigroup
    ** Transactions would reduce Blackstone's stake from ~63% to
~52%, or ~137.8 mln shares, per SEC filing
    ** Citigroup, Evercore and Goldman Sachs acting as jt lead
bookrunners for the secondary offering
    ** Shares on Tues closed down 2.3% at $13.34 for roughly
$3.8 bln market cap
    ** Stock up 17% YTD

 (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))