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DJ Blackstone, GIP, Cascade Consortium to Buy Signature Aviation for $4.73 Bln

· 02/05/2021 02:25
By Adria Calatayud

A consortium formed by Blackstone Group Inc., Global Infrastructure Partners LLC and Cascade Investment LLC has agreed to buy Signature Aviation PLC for $4.73 billion in cash, the companies said Friday.

The boards of the newly formed entity called Brown Bidco Ltd. and Signature Aviation have reached an agreement on an offer that values the U.K. aviation-support-services company at $5.62 a share, equivalent to 411 pence, the companies said.

Signature's directors have withdrawn their previous recommendation for an offer by GIP IV Hancock Bidco, LP--a partnership controlled by GIP--of $5.50 a share.

The joint offer from Blackstone, GIP and Cascade Investment followed a bidding fight to take over Signature, in which the U.K. company's board received six separate independent proposals from Blackstone and five separate independent proposals from GIP, the companies said.

Blackstone Infrastructure and Blackstone Core Equity will own 35% of Brown Bidco, GIP will hold a further 35% and Cascade will own the remaining 30%, the companies said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

February 05, 2021 02:25 ET (07:25 GMT)

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