Signature Aviation (LON: SIG) gets $4.6 billion takeover bid from GIP

  • January 12, 2021 09:21 AM GMT
  • Team Kalkine

 

World’s largest operator of private jet bases Signature Aviation Plc (LON: SIG) has agreed to a $4.6 billion buyout deal from Global Infrastructure Partners.

 

  • Formerly known as BB Aviation, the LSE-listed company had received a cash offer at $5.50 per share on 16 December.

 

  • The directors of the company, as to the financial terms of the Cash Offer were advised by J.P. Morgan Cazenove and Jefferies and believe the terms of the Cash Offer to be fair and reasonable.

 

  • The Acquisition values the entire issued and to be issued ordinary share capital of Signature at around USD 4.626 billion.

 

  • The pound equivalent of the Acquisition price is 405 pence, representing a premium of around 51 per cent to the closing price per Signature Share of 268 pence on 16 December 2020.

(Image source: ©Kalkine Group 2020)

 

  • GIP, one of the owners of Gatwick airport, said that there are number of features which it thinks make Signature business attractive for an infrastructure investor.

 

  • According to it, Signature has a strong and demonstrable operational capability, the company gains from its size, being the owner of the largest network of FBO (fixed-base operator) bases in the US.

 

  • Last week, Microsoft owner Bill Gates who owns 19% of the private jet provider, had taken the bid ahead of the $5.15 per share.

 

  • On 12 January 2021, the stocks of Signature Aviation Plc (LON: SIG), traded lower by 0.51% from its previous closing, hovering at around GBX 433.30 at 8:09 AM GMT+1.

 


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