{"id":108031,"date":"2021-01-11T11:59:17","date_gmt":"2021-01-11T11:59:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108031"},"modified":"2021-01-11T11:59:17","modified_gmt":"2021-01-11T11:59:17","slug":"former-gatwick-owner-outbids-blackstone-for-signature-aviation","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/","title":{"rendered":"Former Gatwick owner outbids Blackstone for Signature Aviation"},"content":{"rendered":"

(Reuters) – An investment fund that used to own London\u2019s Gatwick Airport has struck a $4.63 billion deal to buy Bill Gates-backed private jet services firm Signature Aviation, trumping rival suitors private equity giants Blackstone and Carlyle.<\/p>

FILE PHOTO: Signage for a North Terminal of the Gatwick Airport is seen, as travel restrictions are eased following the coronavirus disease (COVID-19) outbreak, in Gatwick, Britain July 10, 2020. REUTERS\/Toby Melville<\/figcaption>

Shares in Signature Aviation, which runs bases used by private jets around the world, jumped 9% to top the UK midcap index on Monday amid speculation of a counter bid.<\/p>\n

\u201cNothing precludes either Blackstone and Cascade or Carlyle from making an offer proposal that the board of Signature Aviation will consider,\u201d a spokesman for Signature said.<\/p>\n

Monday\u2019s deal with Global Infrastructure Partners (GIP), which still manages a 49.99% stake in Gatwick on behalf of investors, offers Signature shareholders $5.50 per share in cash. That\u2019s higher than the $5.17 jointly proposed by Blackstone and Signature\u2019s top shareholder Cascade Investment.<\/p>\n

Signature\u2019s shares were last up 8.6% at 440.9 pence ($5.95).<\/p>\n

While commercial airlines across the world are struggling with COVID-19 travel curbs, private jet operators have fared better as wealthy passengers switch to what is seen as a safer way to fly, given the significantly lower passenger numbers.<\/p>\n

Gates-owned Cascade, which holds 19% of Signature, last week agreed to work exclusively with Blackstone on a joint bid. They have until Jan. 14 to make a firm offer under UK takeover rules.<\/p>\n

Blackstone\u2019s agreement with Gates landed hours after Signature confirmed an initial takeover approach from Carlyle.<\/p>\n

Blackstone did not immediately respond to a Reuters request for comment on Monday, while Carlyle declined to comment.<\/p>\n

Signature, formerly known as BBA Aviation, rejected an approach from New York-based GIP last month, saying the price was lower than the one outlined by Blackstone in its sixth proposal. Blackstone\u2019s first proposal was in February last year.<\/p>\n

Since the takeover interest was made public in December, Signature shares have jumped more than 60% in value.<\/p>\n

GIP, which owns Edinburgh Airport, plans to take Signature Aviation off the London Stock Exchange if the deal goes through.<\/p>\n

It used to own Gatwick but no longer has a direct stake following a deal two years ago which saw France\u2019s Vinci Airports take control of London\u2019s second largest airport.<\/p>\n

($1 = 0.7414 pounds)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – An investment fund that used<\/p>\n","protected":false},"author":3,"featured_media":108030,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nFormer Gatwick owner outbids Blackstone for Signature Aviation - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former Gatwick owner outbids Blackstone for Signature Aviation - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"(Reuters) – An investment fund that used\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-11T11:59:17+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/cnewsfotor37-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/\",\"name\":\"Former Gatwick owner outbids Blackstone for Signature Aviation - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2021-01-11T11:59:17+00:00\",\"dateModified\":\"2021-01-11T11:59:17+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Markets\",\"item\":\"https:\/\/precoinnews.com\/category\/markets\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Former Gatwick owner outbids Blackstone for Signature Aviation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Former Gatwick owner outbids Blackstone for Signature Aviation - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/","og_locale":"en_US","og_type":"article","og_title":"Former Gatwick owner outbids Blackstone for Signature Aviation - Pre Coin News","og_description":"(Reuters) – An investment fund that used","og_url":"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/","og_site_name":"Pre Coin News","article_published_time":"2021-01-11T11:59:17+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/cnewsfotor37-1.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/","url":"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/","name":"Former Gatwick owner outbids Blackstone for Signature Aviation - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2021-01-11T11:59:17+00:00","dateModified":"2021-01-11T11:59:17+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/markets\/former-gatwick-owner-outbids-blackstone-for-signature-aviation\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Markets","item":"https:\/\/precoinnews.com\/category\/markets\/"},{"@type":"ListItem","position":3,"name":"Former Gatwick owner outbids Blackstone for Signature Aviation"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/108031"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=108031"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/108031\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/108030"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=108031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=108031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=108031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}