GTES - Gates Industrial prices 22.5M secondary offering at $11.75/share

2023-05-18 09:18:36 ET

• Gates Industrial ( NYSE: GTES ) has announced the pricing of the previously announced secondary offering of 22.5M ordinary shares by certain selling stockholders affiliated with Blackstone ( NYSE: BX ) at $11.75 per share.
• Underwriters have a 30-day option to purchase up to 3,375,000 additional ordinary shares.
• The offering is expected to close on May 23, 2023, subject to customary closing conditions.
• Gates is not offering any ordinary shares in the Offering and will not receive any proceeds from the sale of ordinary shares in the Offering.
• Additionally, the company has entered into a share repurchase contract with Citigroup Global Markets to repurchase $250M of ordinary shares at a price per share equal to the price paid by the underwriters in the offering, for a total of 21.93M ordinary shares
• Press Release

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