(Bloomberg) -- Egyptian billionaire Nassef Sawiris increased his bet on the private jet industry, accumulating additional shares in Signature Aviation Plc amid a takeover battle for the company.
NNS, the investment vehicle of Sawiris, bought 2.14 million shares of London-listed Signature Aviation at 405.36 pence ($5.47) apiece on Jan. 8, according to a regulatory filing on Monday. The purchase brought NNS’s stake up to 7.41% of the company, from 7.16%.
Blackstone Group Inc. said last week it was teaming up with billionaire Bill Gates on a potential bid of $5.17 per share for the company, which is the world’s largest operator of private jet bases. Sawiris’s wager that Signature is worth more looked vindicated Monday when rival suitor Global Infrastructure Partners announced a recommended offer of $5.50 per share, or $4.63 billion.
Carlyle Group Inc. is also considering a bid, according to a filing last week. Signature became a hotly contested asset as private flying remains one of the few travel sectors to have benefited from the coronavirus pandemic. It offers the well-heeled the ability to continue traveling while minimizing potentially risky contact with other passengers.
While Signature directors have recommended the GIP offer, nothing precludes Blackstone or Carlyle from making a proposal that the board will consider, the company said Monday.
The involvement of Gates, who owns 19% of Signature Aviation, could make it more difficult for rival suitors to acquire enough Signature stock to take it private. Blackstone owns 70% of the bidding vehicle, while Gates’s Cascade Investment LLC will contribute its shareholding and top it up with cash to become a 30% owner. The Microsoft Corp. founder has vowed to work exclusively with Blackstone and vote against other bids.
Carlyle is still studying whether to make a firm offer for Signature, people with knowledge of the matter said. NNS could throw its support to whoever emerges as the highest bidder, by agreeing to sell its stake or even joining a bidding group, according to the people.
Sawiris is Egypt’s richest person, with an estimated net worth of $6.7 billion, according to the Bloomberg Billionaires Index.
Últimas Noticias
Debanhi Escobar: they secured the motel where she was found lifeless in a cistern
Members of the Specialized Prosecutor's Office in Nuevo León secured the Nueva Castilla Motel as part of the investigations into the case

The oldest person in the world died at the age of 119
Kane Tanaka lived in Japan. She was born six months earlier than George Orwell, the same year that the Wright brothers first flew, and Marie Curie became the first woman to win a Nobel Prize

Macabre find in CDMX: they left a body bagged and tied in a taxi
The body was left in the back seats of the car. It was covered with black bags and tied with industrial tape
The eagles of America will face Manchester City in a duel of legends. Here are the details
The top Mexican football champion will play a match with Pep Guardiola's squad in the Lone Star Cup

Why is it good to bring dogs out to know the world when they are puppies
A so-called protection against the spread of diseases threatens the integral development of dogs
