(Bloomberg) -- Blackstone Group Inc. is working with Bill Gates, Signature Aviation Plc’s largest shareholder, on a potential buyout that would value the world’s biggest operator of private jet bases at $4.3 billion.
The private-equity firm and Gates’s Cascade Investment LLC are in advanced discussions with Signature Aviation on a $5.17-a-share cash offer, they said Friday in a statement. Signature Aviation said in December that Blackstone had approached the U.K. company about a potential deal.
Signature rose 4.5% on Thursday after it said Carlyle Group Inc. is also considering a potential offer, suggesting a potential bidding war. A third suitor, Global Infrastructure Partners, said in December that it was considering its options after its lower bid was rejected.
Carlyle Weighs Rival Offer for Gates-Backed Signature Aviation
Microsoft Corp. founder Gates, who owns 19% of Signature Aviation, would contribute his shareholding and top it up with cash to become a 30% owner. Blackstone owns 70% of the bidding entity.
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