Jet scream

11 January 2021 By Ed Cropley Follow @edwardcropley

GIP has outgunned rival Blackstone with a $4.6 bln bid for Signature Aviation, offering a 51% premium for the aircraft servicer. Catering to the flying habits of the mega-rich is hardly a stable business, though, and private aviation faces climate-change clouds on the horizon.

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Global Infrastructure Partners on Jan. 11 agreed a deal to buy UK-listed Signature Aviation for $4.6 billion, trumping interest from private equity giants Blackstone and Carlyle.

GIP’s offer of $5.50 per share, or 405 pence per share, has been recommended by the board of the private-jet operator.

In December, Blackstone flagged a potential bid at $5.17 per share. On Jan. 8, Blackstone said its proposal had the support of Signature’s biggest shareholder, Microsoft founder Bill Gates, who owns a 19% stake.

Signature shares were up 7.6% at 437 pence by 0830 GMT on Jan. 11.

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