Deals
Signature Reaches $4.6 Billion GIP Deal, Keeps Options Open
- Jet-base operator says ‘nothing precludes’ competing bids
- Offer of $5.50 per share above Blackstone-Gates approach
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The pursuit of Signature Aviation Plc turned into a three-way contest, with Global Infrastructure Partners rejoining the battle for the world’s largest operator of private-jet bases after an earlier bid was rejected.
Signature Aviation agreed Monday to a $4.63 billion buyout by GIP, while leaving the door open for higher offers. Investors will receive $5.50 per share held, equivalent to about 405 pence at current exchange rates, according to a statement.