Twitter LinkedIn
    Tuesday, February 7
    Login
    0 Shopping Cart
    Twitter LinkedIn
    Private Equity InsiderPrivate Equity Insider
    • About Us
    • Digital Events
    • Our Network
      • Reach
      • Sponsors
      • Members
    Private Equity InsiderPrivate Equity Insider
    Home»Private Equity Deals & Transactions»Bill Gates and Blackstone team up for £3bn Signature bid
    Private Equity Deals & Transactions

    Bill Gates and Blackstone team up for £3bn Signature bid

    January 8, 20212 Mins Read
    LinkedIn Facebook Twitter Email WhatsApp
    Share
    LinkedIn Facebook Twitter Email WhatsApp

    The Microsoft co-founder Bill Gates is on the brink of joining forces with one of the world’s biggest private equity investors to mount a £3bn takeover bid for a provider of services to private jet owners.

    Sky News has learnt that Cascade Investment, a vehicle which manages part of Mr Gates’ personal wealth, and Blackstone were on Thursday night close to agreeing the basis on which they would make a joint offer for Signature Aviation.

    Through Cascade, Mr Gates owns roughly 20% of Signature, giving the billionaire a pivotal say in the outcome of a looming takeover battle for the company.

    If they do finalise an agreement about making a joint offer, Blackstone and Mr Gates could make a statement confirming the arrangement to the London Stock Exchange as soon as Friday morning.

    Signature has been in play since last month, when it emerged that the company had received a series of indicative proposals from Blackstone, as well as a lower offer from Global Infrastructure Partners (GIP), a former owner of London’s Gatwick Airport.

    On Thursday, Signature confirmed it had received an approach from a third potential bidder, Carlyle, which Sky News revealed had enlisted two Wall Street banks to advise it on a takeover bid.

    Shares in Signature closed on Thursday at 417.9p, giving the company a market value of £3.32bn – well ahead of the 386p-a-share price proposed by Blackstone last month.

    Previously known as BBA Aviation, Signature traces its roots back to the late 19th century, and now provides bases and services to private jet-owners.

    Signature is chaired by Sir Nigel Rudd, the veteran industrialist who has presided over a string of takeovers of big British corporate names during his long career.

    Blackstone, Cascade and Signature all declined to comment.

     

    Source: Sky News

    Image Source

    Related

    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

    Acquisition Bill Gates Blackstone deals Mergers and acquisitions Private Jet
    Share. LinkedIn Facebook Twitter Email WhatsApp

    Related Posts

    Blackstone commits up to $359m to acquire majority stake in R Systems

    November 17, 2022

    Centerbridge and Bridgeport complete $1.6B CSI acquisition

    November 17, 2022

    Bain Capital to acquire Japanese clothing firm Mash Holdings for $1.4B

    November 16, 2022

    BlackRock to acquire Jupiter Power from EnCap Investments

    November 15, 2022

    Comments are closed.

    Other Articles

    Paper Source to Be Acquired by Elliott

    May 13, 2021

    Varagon Capital Partners supports Varagon Capital Partners’ acquisition of Sila Heating & Air Conditioning

    May 29, 2021

    Blackstone Eyes Biotech and Infrastructure With $140 Billion on Hand for Deals

    April 22, 2022

    Shares in drugmaker Sobi tumble as Advent, Aurora withdraw $8 bln bid

    December 3, 2021

    Private Equity Insider LLC
    1212 Avenue of the Americas
    New York City 10036
    USA

    [email protected]

    Twitter LinkedIn
    © 2023 Private Equity Insider LLC. All rights reserved.
    • About
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    View Cart Checkout Continue Shopping

    Sign In or Register

    Welcome Back!

    Login to your account below.


    Lost password?