Blackstone Group LP, the world’s largest buyout firm, reached an agreement to acquire industrial- products maker Gates Global Inc. from Onex Corp. and Canada Pension Plan Investment Board for $5.4 billion, according to a person with direct knowledge of the matter.

The deal will be announced as soon as today, said the person, who requested anonymity because discussions are private. The buyout would be Blackstone’s biggest private-equity deal since taking over Hilton Worldwide Holdings Inc. seven years ago.

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