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Tuesday, 12 January 2021

Nassef goes long on private jets

Nassef Sawiris’ investment firm NNS Holding has upped its stake Signature Aviation amid a takeover battle for the private jet operator, according to a disclosure to the London Stock Exchange. The bn’aire invested almost USD 11.7 mn in the company after purchasing more than 2.14 mn shares at USD 5.47 apiece, raising his stake to 7.41% from 7.16%, according to the filing.

This came on the same day that Signature accepted investment fund Global Infrastructure Partners’ offer to purchase the company at USD 5.50 / share, valuing it at USD 4.63 bn.

The company is continuing to welcome rival bids though: PE giants Carlyle Group and Blackstone (in an alliance Bill Gates) have also expressed interest in the company. Blackstone, which last week said it was considering a USD 5.17/share offer, would now have to up its bid considerably, though as Bloomberg points out, Gates’ 19% ownership of Signature will make a rival takeover more difficult.

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