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Tech Tech News Bill Gates, Blackstone team up to weigh $4.3 billion bid for operator of private jet bases
Bill Gates joined the battle for Signature Aviation, allying with Blackstone Group's $4.3 billion approach for the world's biggest operator of private jet bases.
Gates's Cascade Investment LLC, the No. 1 shareholder in Signature Aviation, and Blackstone are in advanced discussions with the London-based firm on a $5.17-a-share cash offer, they said Friday in a statement. Signature had said in December it would accept an approach from Blackstone if a firm offer were made at that level.
The involvement of Gates means Blackstone becomes the firm favourite to purchase Signature after Carlyle Group said on Thursday it was also considering a potential offer. A third suitor, Global Infrastructure Partners, said in December that it was considering its options after its lower bid was rejected.
Shares of Signature were trading 4.8% lower as of 8:10AM in London as prospects for a bidding war faded. The stock was priced at 397.90 pence, equivalent to $5.40, still above the offer mooted by Blackstone.
Private flying is one of the few travel sectors to have benefited from the coronavirus pandemic, offering the well-heeled the opportunity to continue traveling while minimising potentially risky contact with other passengers.
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Under the Blackstone plan, Microsoft founder Gates, who owns 19% of Signature, would contribute his shareholding and top it up with cash to become a 30% owner. Blackstone owns 70% of the bidding entity.
Signature, which changed its name from BBA Aviation last year, traces its origins to a Scottish industrial company founded in 1879. It's had several names since and has focused on private aviation in recent years, selling parts distributor Ontic last year for $1.4 billion.
The company has also made several acquisitions, buying rival Landmark Aviation for $2.1 billion from Carlyle in 2016, and acquiring Epic Fuels for $88 million in 2018. Gates became an investor in 2009 and holds his stake through Cascade Investment LLC.
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Signature had become a more likely takeover target since simplifying and selling its Ontic unit, according to Citi analyst Charles Mortimer.
Carlyle is working with Bank of America and Morgan Stanley on its approach, people familiar with the matter said, asking not to be identified because the information is private.
Signature confirmed the Carlyle approach and set February 4 as a deadline for a firm offer. It set a January 14 deadline for formal proposals from the Blackstone and GIP.
FAQs
Bill Gates joined the battle for Signature Aviation, allying with Blackstone Group's $4.3 billion approach for the world's biggest operator of private jet bases. Gates's Cascade Investment LLC, the No.
How many private jets does Bill Gates own? ›
Bombardier Challenger 350
Bill Gates owns four private jets as well as a Cessna 208 Seaplane and a Eurocopter EC 135 helicopter. His private jet collection is made up of two Gulfstream G650ER's and two Bombardier Challenger 350s.
How many jets does Microsoft own? ›
In 2022, he reportedly took 392 flights on his private jets, an average of more than one daily. According to the latest publicly available information, Bill Gates owns four business jets: two Gulfstream G650ERs, estimated to cost $70 million each, and two Bombardier Challenger 350s, priced at $27 million each.
Does Bill Gates own Signature Aviation? ›
In February 2021, Bill Gates-owned Cascade Investment, Blackstone Group, and private equity firm Global Infrastructure Partners made a $4.7 billion offer to acquire Signature Aviation. As a result of the acquisition, Cascade's stake increased from 19% to 30%.
What does Bill Gates fly? ›
According to the website Private Jet Charter, Bill Gates actually owns four private jets: Two Gulfstream G650ERs and two Bombardier Challenger 350s. He also owns two other aircraft: A Eurocopter EC 135 helicopter and a Cessna 208 Seaplane.
How many private jets does Tom Cruise own? ›
Tom Cruise owns a fleet of 4 planes, with some ownership still under speculation. The most famous one is the P-51 Mustang that featured in Top Gun: Maverick. His remaining jets include Gulfstream IV G4, HondaJet HA-420, and Bombardier Challenger 300. All are luxurious and highly valued.
Who owns the biggest private jet in the world? ›
The owner of the largest private jet is, as you might expect, a man of extreme prominence. It is owned by Joseph Lau, a man known for his real estate work and fortune. He is always traveling for work and needed a great way to travel comfortably—it certainly looks like he found it!
Does Oprah own a jet? ›
Oprah owns one of the best-performing business jets available. Many celebrities and VIPs use private jets – either rented or owned – for convenient travel. These offer luxury and privacy, as well as speed and flexibility. Oprah Winfrey owns her own Gulfstream G650 jet – one of the top private jets on the market.
What celebrity has the nicest private jet? ›
1. Oprah Winfrey's Bombardier Global Express XRS. Oprah Winfrey's private Bombardier jet is the ultimate in luxury. It features an all-leather interior, full bathroom and galley.
How many private jets does Jeff Bezos own? ›
What private jets Bezos owns and operates. Currently, at the time of this writing, Bezos owns and operates two business jets. Each of these jets are Gulfstream G650ERs, one of the most notable business jets in the world.
Under the Blackstone plan, Microsoft founder Gates, who owns 19% of Signature, would contribute his shareholding and top it up with cash to become a 30% owner.
Does Bill Gates own FedEx? ›
Bullish on this entire logistics and supply chain market, regardless of the competitive differences, the Bill & Melinda Gates Foundation now owns through Cascade Investment 1.53 million shares of FedEx Corp. This is worth $392 million.
What brand does Bill Gates own? ›
William Henry Gates III (born October 28, 1955) is an American businessman, investor, philanthropist, and writer best known for co-founding the software giant Microsoft, along with his childhood friend Paul Allen.
What yacht does Bill Gates own? ›
Gates has been recognized not only for his immense wealth but also for his environmental advocacy, which makes his ownership of superyachts somewhat controversial. In 2021, he paid about $25 million for his first superyacht — the Wayfinder, a 224-foot catamaran built by Astilleros Armon.
Does Jeff Bezos own a plane? ›
What Kind of Private Jet does Jeff Bezos Own? Like Kardashian and Musk, Amazon founder and CEO Jeff Bezos also owns a G650ER.
What car does Bill Gates drive? ›
Answer: Bill Gates owns several high-end cars. Chief of these are include Ferrari 348, a Porsche 959, a Porsche 911 and a Porsche Taycan, which was the latest addition to his garage. Question: Does Bill Gates use a private jet? Answer: Yes, Bill Gates reportedly uses private aircraft.
Who has the richest private jet? ›
The Airbus A380 owned by Saudi Prince Al Waleed is the world's priciest private jet at $500 million. Originally a long-haul aircraft, it underwent a lavish transformation, shedding standard seats for opulence.
How many private jets does Warren Buffett own? ›
He later admitted the jet was invaluable, renaming it The Indispensable. Through Berkshire Hathaway's ownership of NetJets, Buffett has access to a fleet of over 700 aircraft, ensuring he can travel on short notice and with maximum privacy.
How many private jets does Elon Musk have? ›
Elon Musk's fleet of four private jets is growing thanks to the addition of the Gulfstream G700.
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