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Onex sells Gates to Blackstone for $5.4B

Published July 3, 2014

TORONTO (BRAIN) — A very distant corporate relationship between Interbike, BRAIN and Gates CarbonDrive has been severed.

Toronto-based Onex Corp., which bought Nielsen Exhibitions last year, has sold off its share in the Gates Corp. Nielsen Exhibitions, since renamed Emerald Exhibitions, is the parent company of Interbike and the Outdoor Retailer show and also owns Bicycle Retailer & Industry News, which is operated under license by NBDA Services Inc.

Gates Corp. is a Denver-based major industrial and auto belt supplier that also operates the Gates CarbonDrive bicycle belt transmission brand. 

Onex and the Canada Pension Plan Investment Board had jointly acquired Gates' parent, Tomkins, in 2010 for approximately $5 billion. Onex and CPPIB have since sold off all of Tomkins' divisions for a total of $7.9 billion, including the latest sale.

As of March 31, Onex had approximately $21 billion of assets under management.

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