Blackstone, Bill Gates join hands for Signature Aviation bid as Carlyle circles

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

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

Blackstone and Cascade, which owns a near 20% stake in London-based Signature, are in advanced talks with the company about their proposal that involves a cash offer of 3.81 pounds per share, Blackstone said.

Shares in the company formerly known as BBA Aviation fell 5% to 4 pounds on the FTSE 250 midcap index by 0804 GMT, giving up some of their 65% gain in the three weeks since Signature Aviation confirmed talks with Blackstone.