Gates agreed to sell its interest in Learjet.

Gates Corp. will sell its 64.8% interest in Gates Learjet Corp. to a partnership to be formed by Cobey Corp. of Boston and Bear, Stearns Acquisition Corp. IV. The agreement calls for 7.8 million shares of Learjet common stock held by Gates to be sold for $6.50 per share in cash, or $50.9 million. In addition, the partnership has agreed to assume $23 million of Learjet debt, the company said.