Blackstone (BX +0.3%) seals the deal to buy industrial-products maker Gates Global from Onex (ONEXF +0.9%) and the Canada Pension Plan Investment Board for $5.4B, reports Bloomberg, which says the official announcement could come later today.
It would be Blackstone's biggest private-equity deal since taking over Hilton Worldwide in 2007.
Blackstone has seemingly been more seller than buyer of late as soaring stock markets make public valuations pricier than private ones. At $5.4B, Blackstone would be paying 9.6x Gates' adjusted EBITDA. Gates had filed to go public last December.