Blackstone gains support of Bill Gates in bid for Signature Aviation plc

Blackstone secured the support of Bill Gates, the biggest shareholder in Signature Aviation plc, bolstering its bid to buy the private-jet servicing company in the face of a rival approach from The Carlyle Group.

Blackstone’s agreement with Gates’ Cascade Investment Group, Inc. for its $4.29 billion offer comes just hours after Signature confirmed Carlyle’s takeover approach.

Shares in the company formerly known as BBA Aviation saw a 65% gain in the three weeks since Signature Aviation confirmed talks with Blackstone. Signature Aviation disclosed last month when it also rebuffed another proposal from Global Infrastructure Partners.

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