Simpson Thacher represented Gates Industrial Corporation plc (“Gates”) in connection with a secondary offering of ordinary shares by selling shareholders affiliated with Blackstone Inc. The offering of 23,000,000 ordinary shares of Gates, which included the full exercise of the underwriters’ option to purchase 3,000,000 additional shares, raised over $381 million in proceeds to the selling shareholders. Gates also effected a $125 million share repurchase of 7,539,203 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 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. Gates’ products are used in applications across numerous end markets, including: automotive replacement and first-fit; diversified industrial; industrial off-highway; industrial on-highway; and personal mobility.
The Simpson Thacher team included Edgar Lewandowski, Jieun Lim, Albert Murzakhanov and Emma Li (Capital Markets); Mimi Cheng, Jonathan Lindabury, Eszter Boldis, Matthew Galla and Benjamin Kaminoff (Backleverage Financing); Clare Gaskell, Sam Moon, Simone Chua and Harry Smouha (Corporate – London); Sophie Staples, Andrew Purcell and Kris Liu (Tax – New York); Yash Rupal, Sarah Lindley and Phoebe Adams (Tax – London); and Jennifer Nadborny, James Rapp and Bettina Elstroth (Public Company Advisory Practice).