Gates Commercial Company plc recently announced a secondary offering of 20,000,000 ordinary shares, with the selling stockholders affiliated with Blackstone Inc. initiating the offering. The underwriters have also been granted a 30-day option to purchase an additional 3,000,000 ordinary shares.
It is important to note that Gates will not be offering any ordinary shares in this offering and will not receive any proceeds from the sale. The joint top book-running managers for the offering are Citigroup, Goldman Sachs & Co. LLC, and Jefferies. Additionally, Gates has entered into a share repurchase agreement with Citigroup Global Markets Inc. to repurchase $125 million worth of ordinary shares at a price equal to the offering price.
The offering is subject to certain conditions and has been filed with the Securities and Exchange Commission (SEC). Interested investors are encouraged to read the prospectus and other relevant documents filed with the SEC for more information about the company and the offering.
Gates is a global manufacturer of innovative power transmission and fluid power solutions, with a diverse portfolio of products serving various industries. The company operates in four industrial regions and sells its products in more than 130 countries worldwide.
This press release contains forward-looking statements, which involve risks and uncertainties. Investors are advised to carefully consider the risks and uncertainties outlined in the company’s filings with the SEC. Gates does not undertake any obligation to update or supplement any forward-looking statements based on new information or events.
In conclusion, Gates’ secondary offering of 20,000,000 ordinary shares is a strategic move by the company and the selling stockholders. Investors interested in participating in the offering should consult the relevant documents and consider the risks associated with the investment.