Egyptian billionaire Nassef Sawiris has increased his stakes in Signature Aviation Plc, raising his bet on the private jet industry amid a takeover battle for the company.
His investment firm, NNS, purchased 2.14 million shares in Signature Aviation Plc, listed in London, at a price of $5.47 per share. This purchase raised NNS's stake to 7.41% of the company, up from 7.16%. Last week, Blackstone Group Inc. announced that it is collaborating with billionaire Bill Gates on a potential offer of $5.17 per share, making Blackstone the largest operator of private jet bases in the world. Sawiris believes that Signature Aviation Plc is worth more than this offer, a stance supported on Monday when competitor Global Infrastructure Partners announced a recommended offer of $5.50 per share, or $4.63 billion. Signature Aviation Plc has become a highly contested asset, as private aviation remains one of the few travel sectors that benefited from the COVID-19 pandemic, providing the wealthy the ability to continue traveling with reduced exposure that could arise from traveling with other passengers.
