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

SourceEgypt Today

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. more...