Travers Smith LLP has acted as special tax counsel to Gates Industrial Corporation group in respect of a US $731.5 million initial public offering of Gates' shares on the New York Stock Exchange, giving the group a market capitalisation in excess of $5 billion.
Gates, a portfolio company of The Blackstone Group L.P., is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers and to original equipment manufacturers as specified components.
The Travers Smith team was led by Tax Partner Jessica Kemp, who was assisted by Tax Associate Thomas Margesson. Incentives and Remuneration Partner Mahesh Varia also provided advice to the group in relation to the UK law aspects of the equity based compensation plans operated by the group. Mahesh was assisted by Incentives and Remuneration Associate Emma Walton.