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Tuesday, May 18, 2021

Egyptian billionaire Nassif Sawiris agrees to sell “Signature” to private aviation

Informed sources revealed that Egyptian billionaire Nassef Sawiris is expected to accept a $ 4.7 billion acquisition offer for the private aircraft company, Signature Aviation, which is the third-largest shareholder in its capital.

The sources familiar with the negotiations added that “NNS”, the investment arm of the Sawiris family in international markets, is scheduled to sell its 7.42% stake in the world’s largest operator of private aircraft bases to a consortium led by “Blackstone Group” and “Global Infrastructure Partners”. Until Sawiris may announce his support for the deal this week.

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The sources, who requested anonymity due to the privacy of the discussions, believed that this step would contribute to ending a months-long battle to acquire the world’s largest private aircraft operator, as the alliance “Blackstone” and “Global”, the two former competitors for the deal, earlier this month And they raised the acquisition bid to $ 5.62 a share, and with this increase, they got the support of Signature management.

After that, the “Carlisle Group”, which was considering a counter-offer, announced last week that it would hold back from the deal, choosing instead to acquire one of the units of “Signature”.

With Sawiris’ approval, Blackstone and Global’s latest bid to acquire the private airline, which has the backing of billionaire Bill Gates, the largest shareholder in Signature, is likely to succeed.

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