You are currently viewing Bill Gates Owned Cascade Investment To Acquire Private Jet Servicing Firm, Signature Aviation

Bill Gates Owned Cascade Investment To Acquire Private Jet Servicing Firm, Signature Aviation

Microsoft co-founder and one-time world richest man, Bill Gates, will collaborate with one of the world’s biggest private equity investors to launch a $4.29 billion takeover bid for a provider of services to private jet owners, Signature Aviation.

 

Cascade Investment, a vehicle that manages part of Gates’ personal wealth, and Blackstone have agreed on the basis on which they would make a joint offer for Signature Aviation as of 7th January 2020.

 

Signature Aviation had confirmed an approach from a third potential bidder, Carlyle. The company had previously enlisted two Wall Street banks to advise it on a takeover bid, according to Sky News. Signature Aviation has also said this was Blackstone’s sixth proposal. Its first proposal was in February 2020.

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The offer will be made through Brown Bidco Ltd, a newly incorporated company. Blackstone is to own 70% of the new company while Cascade is to hold the rest. According to Blackstone, the offer would involve a cash offer of $5.17 per share.

 

Blackstone says its terms of its agreement with Cascade means Cascade will vote against any competing proposal after a firm bid is made Blackstone. Cascade already own a 20per cent stake in the London-based Signature Aviation, meaning that the Bill Gates owed company will have a say in whatever outcome in what is a looming take over.

 

Signature Aviation has been in existence since the late 19th century, previously known as BBA Aviation. The company now provides bases and services to private jet-owners.

 

 

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Kolawole Awolope

Passionate about talking, passionate about talking tech.

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