Blackstone, Global Infrastructure to acquire Signature Aviation in $4.73B deal

A consortium comprising Blackstone Infrastructure Partners LP; Blackstone Core Private Equity; Cascade Investment LLC; and Global Infrastructure Management LLC, or Global Infrastructure Partners, is set to acquire Signature Aviation PLC at a recommended offer price of $5.62 per share in cash, valuing the London-based aviation service company's entire issued and to-be-issued share capital at roughly $4.73 billion.

The bid price equates to 411 pence per share, or £3.46 billion for the entire share capital, and represents a roughly 53% premium to Signature's Dec. 16, 2020, closing stock price of 268 pence per share.

The offer reflects a higher price than Global Infrastructure's bid announced in January.

The deal will be implemented through a court-sanctioned scheme of arrangement, which is expected to become effective during the second quarter, pending regulatory approvals.

Signature's shares will be delisted from the London Stock Exchange upon deal completion.

The consortium will help Signature further develop the business through organic growth and bolt-on acquisitions.

Blackstone Infrastructure Partners and Blackstone Core Private Equity are affiliates of private equity giant Blackstone Group Inc.