January 11, 2021 | Industrials | Europe | Active

Signature Aviation / Global Infrastructure Partners: New Deal Insights


The battle to control Signature Aviation heated up on 11-Jan-21 after infrastructure investment fund, Global Infrastructure Partners (“GIP”), offered £3.4bn to buy the British aviation services group, outbidding a buyout consortium of Blackstone and Cascade Investment. Signature’s board agreed to GIP’s offer, which is an all-cash deal at $5.50 per share (405p based on announcement exchange rate), but added that it would consider any further offers from Blackstone and Cascade, as well as from private equity firm Carlyle. This follows weeks of press speculation, starting on 17-Dec-20, when Signature disclosed possible offers while confirming that Blackstone had proposed $5.17 (or 383p) per share. Deal risks assessed in this research report: The other two private equity suitors walk away; antitrust concerns stemming from GIP’s airport assets.



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