Nassef Sawiris is on board with a USD 4.7 bn takeover offer for Signature Aviation, the private jet operator in which he holds a 7.41% stake, Bloomberg reports, citing a statement from Sawiris’ investment arm NNS Holding. The potential suitors, Blackstone Group and Global Infrastructure Partners (GIP), recently partnered and raised the purchase price by some USD 0.12 to USD 5.62 a share — winning approval of Signature's management and getting Sawiris’ backing.

End of bidding war: This offer, now likely to succeed, ends a months-long bidding war for the company, which is the largest in its business. PE giant Carlyle Group had previously been in a consortium with Blackstone, which is bidding in alliance with Bill Gates, to rival GIP’s offer. Blackstone broke out and joined GIP, and Carlyle said it will opt for taking a stake in one of Signature’s units.

Sawiris is Signature’s third-largest shareholder. He raised his stake last month to 7.41% from 7.16%, worth some USD 350 mn, and has been accumulating shares since the pandemic, becoming the company’s third-largest shareholder, and among a handful of b’naires controlling more than 25% of the company.

The private jet business had a solid run amid the pandemic as commercial travel was banned at the onset and performed poorly since then. Signature’s value, meanwhile, almost tripled in size. to some USD 4.8 bn after a mid-March low more of the wealthy turned to private air transport.