The former owner of Gatwick Airport has teamed up with Blackstone and Cascade to bid for private jet firm Signature Aviation.
The offer values the London-based aviation company at $4.7bn, the parties said on Friday.
It emerged that Signature was up for sale in December, prompting a bidding war between several investors.
Commenting on the announcement, Adebayo Ogunlesi, chairman and managing partner of Global Infrastructure Partners, said: “We are delighted to partner with Blackstone and Cascade to make an improved offer for Signature.
“This is a powerful combination of private investors that is well placed to drive the Signature business forward.”
Bill Gates backs deal
Cascade, one of the investment companies involved in the deal, is owned by Bill Gates.
The cash offer of of $5.62-per-share is to buy all of Signature’s shares other than the 19 per cent controlled by Cascade and the Bill & Melinda Gates Foundation Trust.
The new offer is more than what GIP single-handedly offered last month.
Michael Larson, business manager at Cascade, said: “Cascade has long believed in Signature and its ability to build the premier global FBO network that is sustainable over the long-term, having made its first investment in 2009.
“We are excited to continue to support Signature and its employees, customers, and all stakeholders in the next phase of growth.”
Nigel Rudd, chairman of Signature, added: “We believe that the offer from Blackstone, GIP and Cascade 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, and at a higher price than the previous GIP offer.”