Gates Corp. has agreed to sell its...

Gates Corp. has agreed to sell its 64.8% interest in Gates Learjet to a partnership formed by Integrated Acquisition Inc., a subsidiary of Integrated Resources Inc. of New York, and the management of Learjet. The agreement calls for Denver-based Gates to sell its more than 7.8 million Learjet shares for $7.25 cash, or about $56.8 million. The contract also includes payment of a $23-million loan from Gates Rubber Co., including accrued interest. Upon closing, the partnership intends to begin a tender offer for the remaining shares of Learjet. After that, Integrated Resources intends to offer interests in the new organization through a private placement.