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Nassef Sawiris accepts $4.7bn acquisition bid for Signature Aviation

Nassef Sawiris accepts $4.7bn acquisition bid for Signature Aviation
Nassef Sawiris is the third biggest shareholder of Signature

Cairo – Mubasher: The Egyptian billionaire Nassef Sawiris plans to accept an offer worth $4.7 billion for the acquisition of Signature Aviation Plc, Bloomberg reported on Monday.

The third-largest shareholder NNS, the investment vehicle of Sawiris, plans to offload its 7.42% stake to a bidding consortium led by Blackstone Group Inc. and Global Infrastructure Partners (GIP), according to the international news agency. 

This step helps end a months-long fight for control of the biggest operator of private-jet bases.

Earlier in February, competing bidders GIP and Blackstone partnered and raised their acquisition offer to $5.62 per share.

The offer submitted by GIP and Blackstone, which has been supported by the largest shareholder Bill Gates, will most probably be the winning bid.