The Blackstone Group Inc. (NYSE:BX), which is pursuing an acquisition of Signature Aviation plc (LSE:SIG), has teamed up with Cascade Investment, L.L.C., a major shareholder in the aircraft services provider, a filing showed January 8, 2021, following Signature's confirmation of a rival approach by The Carlyle Group Inc. (NasdaqGS:CG) . The investor group is in advanced negotiations with Signature, having reaffirmed Blackstone's offer of $5.17 per share, which was unveiled in December 2020 and values the whole business at $4.3 billion (€3.5 billion). If the consortium proceeds to make a firm offer for Signature, Cascade intends to contribute its 17.18% stake, excluding shares held by affiliates, and make a substantial cash investment in Brown Bidco.

Rival suitor Carlyle has not yet submitted a proposal and has until February 4, 2021 to do so, an earlier filing showed. The British company said at the time of revealing Blackstone's offer that its board is inclined to accept its terms should a firm bid be tabled.