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.