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    Home»Deals & Transactions»Rivals Blackstone and GIP join forces in £3.5bn Signature Aviation offer
    Deals & Transactions

    Rivals Blackstone and GIP join forces in £3.5bn Signature Aviation offer

    February 13, 20211 Min Read
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    K12T5M The "tombstone" outside of 345 Park Avenue in New York announces that it is the NY headquarters of the Blackstone financial services firm, seen on Saturday, August 19, 2017. Blackstone is one of the world's largest private equity investment firms. (© Richard B. Levine)
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    Private equity groups end their battle for control of the UK-listed private jet services group

    Blackstone and Global Infrastructure Partners have ended their takeover battle for the UK-listed private jet services company Signature Aviation, agreeing to join forces in a new £3.5bn bid for the company.

    The two private equity groups, together with Bill Gates’ wealth manager Cascade Investment, have made a £4.11 per share offer for the business.

    The groups had been poised for a possible battle for the company, with Blackstone and Cascade making a tentative £3bn offer in January, which GIP trumped with a £3.4bn bid the following week.

    Signature’s shares fell 2 per cent to £4.15, closer to the level of the fresh offer, by Friday late morning in London. They have risen more than 60 per cent since news of the first takeover interest in the middle of December.

    Read more at: Financial Times

    By Kaye Wiggins and Philip Georgiadis

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    deals and transactions Mergers and acquisitions
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