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Nassef Sawiris, an Egyptian magnate is reportedly planning to acquire British multinational aviation services company Signature Aviation plc for USD 4.7 billion.
Sources of knowledge of the matter claimed that Sawiris, through NNS Investments, is planning to sell his 7.42% stake to a bidding group which is led by Global Infrastructure Partners (GIP) and Blackstone Group Inc.
The move will help put an end to the takeover fight of Signature Aviation, the world's largest private-jet base operator. Earlier this month, rival bidders Blackstone and GIP had teamed up and increased their takeover bid to around USD 5.62-per-share, which apparently earned Signature Aviation's management's support.
Following the news, Carlyle Group Inc., which had been planning a counter bid, declared that it will not make an offer, and decided to opt for acquiring a unit of Signature Aviation instead.
The new Blackstone and GIP bid, which has the support of their largest shareholder, Bill Gates, is expected to prosper with the approval from Sawiris. Meanwhile, Blackstone and NNS, representatives for Signature, did not comment on the news.
Reportedly, shares of Signature Aviation decreased by 2.7% to 413.7 pence, compared to the pound-equivalent of 411 pence offered.
The firm which provides refueling and maintenance services at airports became a takeover candidate post the private jet market gained traction during the COVID-19 crisis than the commercial airline sector. The affluent populace has been given the ability to continue flying by hiring their planes while avoiding potentially harmful interactions with others.
As per the terms of the deal, GIP and Blackstone will each own 35% of Signature Aviation, with Gates's Cascade owning 30%. Currently, 19% of the company is owned by Cascade and the Bill and Melinda Gates Foundation, cited sources with relevant information.
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