GIP Set To Acquire Signature Aviation
Signature Aviation, which operates the world's largest FBO network, is on the way to new ownership as its board of directors has reached an agreement with Global Infrastructure Partners (GIP) on a cash deal worth $4.63 billion dollars.
Signature announced to shareholders that its board of directors has reached an agreement with GIP, which had improved on the amount of a previously-issued bid, on the terms of a recommended cash acquisition. GIP currently manages $71 billion in assets and the Signature purchase will be handled under Bidco, a recently-established Delaware limited-liability company. Included are the FBO chain and its Epic Fuels subsidiary, as well as the company's engine repair business.
The deal is subject to legal review and the approval of at least 75 percent of Signature's shareholders.
"We believe that the offer from GIP represents an attractive and certain value in cash today for Signature shareholders, reflecting the high quality of the business and its network, its people, and its future prospects," said Signature chairman Sir Nigel Rudd. "The Signature directors believe that the proposal provides clear benefits to Signature shareholders and GIP’s operational and financial resources will generate enhanced opportunities for our employees, and ensure continued high-quality, full-service flight support for [business and general aviation] travel.”