Shares in the firm rose 8.8 per cent on the back of the announcement.
The $5.50 a share bid beat off competition from Blackstone, which had won the backing of billionaire Bill Gates, and Carlyle.
The deal represents a 51 per cent premium on the FTSE 250 firm’s closing price on 16 December, the day before the bid is tabled.
But it is a blow to Blackstone, which along with Gates’ Cascade currently owns a 20 per cent stake in the London-based aviation company formerly known as BBA Aviation.
Just days ago Blackstone said that it had secured Gates’ support for an offer of $5.17 per share for the company.
Gatwick Airport co-owner wins £3 4bn takeover battle for Signature Aviation pressandjournal.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pressandjournal.co.uk Daily Mail and Mail on Sunday newspapers.
The index ended the day down 74.78 points, or 1.1%, at 6,798.48. Traders went into last week with their eyes on big non-Covid news stories. It was the first day of trading after the end of the UK’s transition period for exiting the European Union. They were also buoyed by the run-off elections in Georgia last Tuesday, which handed control of the senate to incoming President Joe Biden’s party. But on Monday the record Covid-19 deaths in the UK and warnings from Chancellor Rishi Sunak that the UK economy will “get worse before it gets better” caused the mood to cool.
Global Infrastructure Partners said on Monday that it struck a deal to acquire Signature Aviation plc (LON: SIG) for £3.43 billion. The investment fund trumped buyout proposals from rivals, including Carlyle and Blackstone. Signature’s spokesman commented on the news on Monday and said: “Nothing precludes either Blackstone and Cascade or Carlyle from making an […]
Stock market exuberance is here to stay, Credit Suisse says. Here’s why investors can be positive MarketWatch 1/11/2021
NEED TO KNOW
After a volatile first week of 2021, the second week of the year has started in a slightly calmer fashion.
Having said that, markets are once again closely watching U.S. politics, after House Speaker Nancy Pelosi said the House would proceed with legislation to impeach President Donald Trump if the 25th Amendment isn’t invoked.
All three major U.S. benchmark stock indexes closed at record highs on Friday, despite a report showing the first monthly job losses since April amid surging COVID-19 cases. Investors instead focused on President-elect Joe Biden’s promise of more financial aid for Americans, at the end of a week in which the Democrats won both Senate runoff elections, shifting the balance of power in Congress. U.S. stocks fell slightly in early trading on Monday, pulling back from record highs.