{"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> 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