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.
– Amazon Commits To Spending $2 Billion On Affordable Housing In The Next Five Years
– Co-worker Arrested For Possible Poisoning Of Chinese Billionaire & “Game Of Thrones” Game Maker Lin Qi
– Billionaire Wars: Elon Musk Says Bill Gates Is Underwhelming
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.
For your daily dose of tech, lifestyle, and trending content, make sure to follow Plat4om on Twitter @Plat4omLive, on Instagram @Plat4om, on LinkedIn at Plat4om, and on Facebook at Plat4om. You can also email us at firstname.lastname@example.org and join our channel on Telegram at Plat4om. Finally, don’t forget to subscribe to our YouTube channel HERE.