DAILY NEWS Aug 18, 2014 6:43 AM - 0 comments

Blackstone signs deal to purchase Gates from Onex and Canada Pension Plan for $5.4 billion

TEXT SIZE bigger text smaller text

Denver, CO – In April 2014, private equity funds managed by Blackstone entered into a definitive purchase agreement with affiliates of Onex Corporation and Canada Pension Plan Investment Board to acquire all of the equity interests in Pinafore Holdings B.V., the parent company of Gates Corporation. The transaction is expected to close later this year and is subject to customary closing conditions and regulatory approvals.

The aggregate consideration payable in the transaction will be approximately $5.4 billion (subject to certain customary adjustments).

Gates is a global manufacturer of power transmission belts and fluid power products that are highly engineered and critical components, used in diverse industrial and automotive applications. Gates derives a majority of its sales from replacement markets around the world. Further information is available at www.Gates.com.

Blackstone is an investment and advisory firm that seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. Its asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds, and multi-asset-class exposures falling outside of other funds’ mandates. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available atwww.blackstone.com.

Horizontal ruler
Horizontal Ruler

Post A Comment

Note: By submitting your comments you acknowledge that MRO Magazine has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Please note that due to the volume of e-mails we receive, not all comments will be published and those that are published will not be edited. However, all will be carefully read, considered and appreciated.

Your Name (this will appear with your post) *

Email Address (will not be published) *

Comments *

* mandatory fields