Gates Industrial slumps as Blackstone slashes stake

Gates Industrial

09/08/2023 14:14

** Gates Industrial Corp's  GTES.N  shares down 9.5% at
$11.56 premarket after overnight secondary offering prices
    ** GTES on track to fall for 6th straight session
    ** Industrial machinery firm announces 15 mln shares sold by
Blackstone  BX.N  at $11.75, 8.1% discount to stock's last sale
on Tues
    ** Offering cuts private equity giant's stake from ~50% to
~44%, or ~115.8 mln shares, per SEC prospectus filing
    ** Gates has ~263.7 mln shares outstanding for ~$3.4 bln
market cap
    ** Through Tues close, GTES up 12% YTD
    ** Citigroup and Goldman Sachs jt lead bookrunners for
offering

 (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))