Onex, CPPIB to sell Gates Corp to Blackstone for $5.4 bln

April 4 Fri Apr 4, 2014 4:48pm EDT

April 4 (Reuters) - Onex Corp and Canada Pension Plan Investment Board (CPPIB) said they would sell Gates Corp to private equity firm Blackstone Group LP for $5.4 billion.

Gates is a division of Tomkins, which Onex and CPPIB jointly bought in 2010 for about $5 billion.

The sale is expected to close later this year, the companies said. (Reporting By Sneha Banerjee in Bangalore)

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