Blackstone Announces Closure Of Gates Acquisition

(RTTNews) - Blackstone (BX) said Thursday it has closed the acquisition of Gates Corp. Private equity funds managed by Blackstone on behalf of its investors have acquired Gates for $5.4 billion.

Gates is a manufacturer of power transmission belts, fluid power products, and other critical components used in diverse industrial and automotive applications.

"We look forward to working with Gates in the years ahead as the company further establishes itself as a global leader in its industry with an unparalleled reputation for quality products," said Neil Simpkins, senior managing director in Blackstone's Private Equity business.