Cleary Gottlieb is advising Cascade Investment L.L.C. (Cascade) in the recommended cash acquisition of Signature Aviation plc (Signature), as part of a consortium with Blackstone and Global Infrastructure Partners.
Under the terms of the acquisition, Signature shareholders will receive $5.62 per share in cash. The acquisition values Signature’s entire issued, and to be issued, ordinary share capital at approximately $4.7 billion. The transaction was announced on February 5, 2021.
As a result of the consortium’s announcement, Signature’s board of directors have withdrawn their recommendation of a prior $5.50 cash offer announced by Global Infrastructure Partners on January 11, 2021, which is being withdrawn simultaneously with the announcement.
Signature is a leading global FBO network for B&GA travelers and provides premium, full-service flight support, including fuel and non-fuel services, ground handling, and technical support for passengers, crew, and aircraft. Signature serves customers at more than 360 FBO locations covering key markets in North America, Europe, South America, the Caribbean, Africa, and Asia. Signature is listed on the London Stock Exchange and is a constituent of the FTSE 250 index. The transaction is subject to the UK Takeover Code.
Cascade is a private investment entity that manages the assets of William H. Gates III. Business Manager Michael Larson has led Cascade since its formation in 1995. Cascade invests in public equities, fixed income, real estate, and multiple other asset classes to deliver superior risk adjusted returns. With a global focus, Cascade provides patient, long-term capital to companies across a wide range of industries. Cascade is currently the largest shareholder in Signature with a 17% shareholding, which it will contribute to the consortium’s Bidco as part of the acquisition.
For more information, please see the press release here.