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Arnd Wiegmann/Reuters
Blackstone won over Signature Aviation’s biggest shareholder Bill Gates for a possible $4.3 billion bid for the British private jet servicing company, going head-to-head with another potential suitor Carlyle.
Blackstone’s agreement with Gates’ Cascade Investment Llc for its planned offer announced on Friday comes just hours after Signature confirmed an initial takeover approach from Carlyle.
Signature Aviation gets takeover approach from U S -based Carlyle reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
(Reuters) - U.S. private equity firm Carlyle made a takeover approach for London-based Signature Aviation, setting the stage for a potential bidding war with Blackstone for the Bill Gates-backed company.
Signature Aviation confirmed the approach after a Sky News report here said earlier on Thursday that Carlyle had hired two Wall Street banks to help it explore a 3 billion pound ($4.07 billion) takeover offer for the company.
Signature Aviation, which is one-fifth owned by Gates’ Cascade Investment and provides full-service flight support and non-fuel services, said it had not yet received a proposal from Carlyle.
The private equity giant Carlyle has enlisted two Wall Street banks to help it explore a £3bn takeover offer for Signature Aviation, a service provider to the fast-growing private jet market.
Sky News has learnt that Carlyle has hired Bank of America Merrill Lynch and Morgan Stanley to advise it on a potential counterbid that would mark the outbreak of a full-blown bidding war for Signature.
Funds managed by Blackstone have already tabled an offer worth £3.86-a-share for the London-listed company, which was previously known as BBA Aviation.
Another bidder, Global Infrastructure Partners, has also indicated its interest in a bid for Signature, albeit at a lower level than Blackstone s proposal.