Business

Blackstone, Bill Gates' Cascade join hands for Signature Aviation bid

Blackstone Group Inc on Friday pushed ahead with its proposal to buy out Signature Aviation in a deal worth US$4.29 billion, securing the support of the private jet servicing company's biggest shareholder Bill Gates' Cascade Investment.

FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where
FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid

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REUTERS: Blackstone Group Inc on Friday pushed ahead with its proposal to buy out Signature Aviation in a deal worth US$4.29 billion, securing the support of the private jet servicing company's biggest shareholder Bill Gates' Cascade Investment.

Blackstone and Cascade, which owns a 20per cent stake in the company, is in exclusive talks with the London-based company about a joint proposal, which would involve a cash offer of US$5.17 per share, Blackstone said.

(Reporting by Muvija M in Bengaluru; Editing by Anil D'Silva)

Source: Reuters