Bombardier Incorporated

Blackstone Group agrees to acquire Gates Global for $5.4 billion

Blackstone Group agreed to acquire industrial-products maker Gates Global Inc. from Onex Corp. and Canada Pension Plan Investment Board for $5.4 billion.

Gates, which makes power transmission belts, fluid hoses and other industrial equipment, filed in December for an initial public offering of stock as Toronto-based Onex and Canada Pension Plan planned an exit of their investment. Denver-based Gates, led by Chief Executive Jim Nicol, posted sales of about $2.9 billion for the year through September.

Gates sells products to customers including Deere & Co., Daimler and Bombardier Inc., with North America accounting for half its sales, according to a filing with the...

EDITION: California | U.S. & World