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Investment fund Blackstone said Friday it will buy US auto parts maker Gates Corporation for $5.4 billion from its Canadian owners. The deal is the second-largest private equity takeover so far this year after Cerberus Capital's $9.1 billion agreement to merge its Albertson's supermarket chain with rival Safeway. Blackstone said it had clinched the cash deal to buy all of Pinafore Holdings, the parent company of Gates owned by Canadian private-equity company Onex and the Canada Pension Plan Investment Board. The buyout is Blackstone's biggest since it acquired hotelier Hilton for $26 billion in 2007.
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