Onex, CPPIB to sell Gates Corp to Blackstone for $5.4 billion

(Reuters) - Onex Corp <OCX.TO> and Canada Pension Plan Investment Board (CPPIB) said they would sell Gates Corp to private equity firm Blackstone Group LP <BX.N> for $5.4 billion.

Gates is a division of Tomkins, which Onex and CPPIB jointly bought in 2010 for about $5 billion.

The sale is expected to close later this year, the companies said.

(Reporting By Sneha Banerjee in Bangalore)