Gatwick trumps Blackstone to buy Signature Aviation for $4,63bn

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The co-owner of London’s Gatwick Airport, Global Infrastructure Partners scored a last minute $4,63 billion deal to secure control over British private jet servicing company Signature Aviation, Reuters reported.  

Global Infrastructure Partners managed to outpace giants like Blackstone and Carlyle. The deal with Global Infrastructure Partners, whose approach was rejected by the company in December, comes after Blackstone said it had won the support of Signature Aviation’s biggest shareholder Bill Gates for a possible $4,3 billion bid.

GIP trumped Blackstone with an offer to pay Signature Aviation shareholders $5,50 in cash for each share, while Blacktone had offered $5,17 per share. GIP plans to take Signature Aviation off the London Stock Exchange if the deal goes through.

As airlines across the world struggle with Covid-19 induced travel curbs, private jet operators have fared better as wealthy passengers switch to what is perceived as a safer way to fly.

Blackstone’s agreement with Gates for its planned offer came hours after Signature had confirmed an initial takeover approach from Carlyle.

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