Reuters: Blackstone nears deal to acquire Gates Global for $5.5B-$6B

|About: The Blackstone Group L.P. (BX)|By:, SA News Editor

Blackstone (BX) reportedly is close to a deal to buy Gates Global for more than $5.5B, in the final stages of negotiations with Gates' P-E owners Onex (ONEXF) and the Canada Pension Plan Investment Board with an agreement possible by early next week.

BX apparently is preparing to do the deal on its own after TPG Capital, which it had teamed up with to submit a joint bid two weeks ago, backed out.

The deal is expected to value the auto parts and building products maker at $5.5B-$6B, including debt.