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Egyptian billionaire Nassef Sawiris increased his bet on the private jet industry, accumulating additional shares in Signature Aviation Plc amid a takeover battle for the company.


NNS, the investment vehicle of Sawiris, bought 2.14 million shares of London-listed Signature Aviation at 405.36 pence ($5.47) apiece on Jan. 8, according to a regulatory filing on Monday. The purchase brought NNS’s stake up to 7.41% of the company, from 7.16%.


Blackstone Group Inc. said last week it was teaming up with billionaire Bill Gates on a potential bid of $5.17 per share for the company, which is the world’s largest operator of private jet bases. Sawiris’s wager that Signature is worth more looked vindicated Monday when rival suitor Global Infrastructure Partners announced a recommended offer of $5.50 per share, or $4.63 billion.


Read the full story on Bloomberg here