Signature Aviation Plc agreed to a $4.63 billion buyout by Global Infrastructure Partners, which raised its bid for the world\u2019s largest private jet-base operator.<\/p>\n
Signature Aviation investors will receive 405 pence ($5.50) per share held, according to a statement Monday. The price is above the $5.17-a-share bid approach last week by Blackstone Group Inc. and Bill Gates, Signature Aviation\u2019s biggest shareholder.<\/p>\n
GIP edged out Blackstone and Gates\u2019s Cascade Investment LLC after making an earlier, lower offer in December. The new bid has the backing of Signature Aviation\u2019s board, according to Monday\u2019s statement. Carlyle Group said last week that it was also weighing a bid. <\/p>\n
While it accepted the GIP offer, nothing precludes either Blackstone and Cascade or Carlyle from making an offer proposal that the board of Signature Aviation will consider, the company said.<\/p>\n
Signature Aviation closed at 406 pence on Friday. The shares have gained about 50% since mid-December, when talks with Blackstone were first reported. <\/p>\n
The company has opportunities for growth, Global Infrastructure said.<\/p>\n
\u201cAs an operationally focused investor, with significant experience in the transport sector, GIP intends to support Signature to develop a stronger and more customer-focused business,\u201d the company said.<\/p>\n