Blackstone and Bill Gates lose race for Signature

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The British aircraft handler Signature Aviation is taken over by the financial investor Global Infrastructure Partners.

The US financial investor Blackstone and Microsoft founder Bill Gates have lost the bidding race for the British aircraft handler Signature Aviation. The US infrastructure investor GIP, which already has a stake in London Gatwick Airport, beat the Blackstone consortium with a 3.43 billion pounds (3.81 billion euros) bid.

According to information on Monday, Signature’s board of directors reached an agreement with Global Infrastructure Partners (GIP) on the takeover after rejecting an offer from the Americans in December. GIP is offering $ 5.50 (£ 4.05) per Signature share, beating the £ 3.81 offered by Blackstone and Gates. The US billionaire already holds 19 percent of Signature.

However, the shareholders are betting that the race for Signature is not over yet: The share rose on Monday in London by 8.5 percent to 4.41 pounds. The financial investor Carlyle had also shown interest in the service provider for handling and servicing private aircraft.

Civil aviation is largely idle due to the corona pandemic and will likely take years to recover. However, private jets are enjoying a boom because wealthy customers prefer them as a safe way to travel without a greater risk of contagion.

(APA / Reuters)



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Blackstone Bill Gates lose race Signature

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