Gates Sold To Private Equity
Private equity funds managed by Blackstone has entered into a definitive purchase agreement with affiliates of Onex Corp. and Canada Pension Plan Investment Board to acquire all of the equity interests in Pinafore Holdings B.V., the parent company of Gates Corp. 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 manufacturer of power transmission belts and fluid power products.