09:12 AM EDT, 08/16/2024 (MT Newswires) -- Gates Industrial ( GTES ) said Friday that it has priced a secondary offering of 20 million shares to shareholders affiliated with private-equity firm Blackstone (BX).

The Blackstone-affiliated funds have also granted the underwriters a 30-day option to buy up to 3 million additional shares. The offering is expected to close Wednesday.

Gates also said it has signed a share repurchase agreement with Citigroup Global Markets to buy back approximately 7.5 million shares for $125 million.

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