Nassef Sawiris accepts $ 4.7B takeover bid for private jet company

Nassef Sawiris accepts $ 4.7B takeover bid for private jet company

FILE - Egyptian businessman Nassef Sawiris





CAIRO - 22 February 2021: Egyptian billionaire Nassef Sawiris has agreed to accept a $ 4.7 billion domestic takeover bid for the private jet company, Signature Aviation.

According to Bloomberg News, NNS is set to sell Sawiris' investment vehicle of its 7.42 percent stake to a consortium led by Blackstone Group Inc and Global Infrastructure Partners.

Sawiris is Signature's third largest shareholder.

This move helps end a months-long acquisition battle for the world's largest aircraft base operator.

Earlier this month, rival GIP and Blackstone Group teamed up, bringing the takeover bid to $ 5.62 per share.

With Sawiris' approval, the latest GIP bid and Blackstone, which has the support of billionaire Bill Gates, the largest shareholder, is likely to succeed, according to the agency.