Gates Industrial announces secondary offering by Blackstone; company to repurchase $250M shares

Gates Industrial Corp plc

Selling stockholders affiliated with Blackstone offer 22.5M shares; underwriters' option for 3.375M exercised in full.
Company will not receive any proceeds from the offering but will bear certain expenses.
Company repurchases $250M of its shares (21,934,634 shares) at offering price from selling stockholders via Citigroup.
Share repurchase conditioned upon closing of offering, expected May 23, 2023.

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