BBAVF - Rivals Blackstone GIP team for $4.7 billion Signature Aviation purchase

The Blackstone Group (BX) and rival bidder Global Infrastructure Partners are teaming up with Bill Gates' Cascade Investment to acquire Signature Aviation (BBAVF) in a $4.7B deal.The deal works out to $5.62 per share, higher than the $5.50/share bid Signature accepted from GIP earlier this year while saying it was keeping its acquisition options open.Signature, the world's largest private jet base operator, became a takeover candidate when the pandemic gutted commercial aviation but had a softer impact on private aviation.Under the new deal, Blackstone and GIP will each hold 35% stakes and Cascade will have 30%, up from the 17% that Gates' firm already owned.Signature's board had received eleven total proposals between Blackstone and GIP, which prompted the combination deal.Earlier this week, private equity funds managed by Blackstone agreed to acquire Interior Logic Group Holdings from Littlejohn & Co., Platinum Equity for $1.6B.

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Rivals Blackstone, GIP team for $4.7 billion Signature Aviation purchase