Simpson Thacher represented Gates Industrial Corporation plc (“Gates”) in connection with a secondary offering of ordinary shares by certain selling shareholders affiliated with Blackstone Inc. The offering of 25,875,000 ordinary shares of Gates, which included the full exercise of the underwriter’s option to purchase 3,375,000 additional shares, raised $304 million in aggregate proceeds before expenses, with the selling shareholders receiving all of the proceeds from the offering. Gates also effected a $250 million share repurchase of 21,934,634 ordinary shares pursuant to a share repurchase contract with Citigroup Global Markets Inc., who in turn purchased such ordinary shares from the selling shareholders.
Gates, a portfolio company of Blackstone Inc., is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment manufacturers as specified components.
The Simpson Thacher team included Edgar Lewandowski, Ben Heriaud and Rachel Lerman (Capital Markets); Mimi Cheng, Jonathan Lindabury, Jakarri Hamlin, Christina O'Connell, Danielle Robinson, Sophie Kim and Eszter Boldis (Credit); Clare Gaskell, Vishaal Patel and Sam Moon (Corporate – London); Andrew Purcell and Kris Liu (Tax – New York); Yash Rupal, Sarah Lindley and Phoebe Adams (Tax – London); Jeannine McSweeney and Gary Tashjian (Executive Compensation and Employee Benefits); Noreen Lavan (Environmental); and Jennifer Nadborny, Bettina Elstroth, and Brandon Adoni (Public Company Advisory Practice).