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GIP Reaches Agreement To Buy Signature Aviation For About $4.63 Bln

GIP IV Hancock Bidco, L.P., an entity controlled by Global Infrastructure Partners, said that it has reached agreement to buy Signature Aviation plc. (SIG.L) for US$5.50 per share in cash, valuing the U.K. aviation-support-services company at US$4.626 billion.

The GBP equivalent value of the acquisition price based on the announcement exchange rate, being 405 pence represents a premium of about 51 per cent to the closing price per signature share of 268 pence on 16 December 2020.

The Acquisition is expected to become Effective during the second quarter of 2021.

Meanwhile, Blackstone and Bill Gates' Cascade Investment was in advanced discussions with Signature Aviation in respect of the joint offer proposal, which would involve a cash offer of $5.17 per share, Blackstone said on Friday.

Blackstone then said Signature confirmed that it supports the joint offer or status of Blackstone and Cascade.

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