If Bill Gate did create a weather/climate crisis he is
not worrying about it.
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Benjamin Katz
Feb 5 2021
Bill Gates Joins Private-Equity Firms in $4.7 Billion Deal for Private-Jet Company
Bill Gates is doubling down on private-jet travel, as the niche industry recovers more quickly amid the coronavirus pandemic than the wider commercial aviation market.
The billionaire’s Cascade Investment LLC agreed Friday to team up with Blackstone Group Inc. and private-equity firm Global Infrastructure Partners in a $4.7 billion deal for Signature Aviation PLC. The deal would boost Cascade’s stake in the world’s largest operator of private-jet bases to 30%, from a previous 19%.
Commercial flying in much of the world has fallen sharply amid travel restrictions, quarantine rules and steep reductions in flights operated by cash-strapped airlines. Private-jet travel has bounced back quicker. For individuals and companies who can afford it, a private jet offers a way to limit close-quarters exposure to other passengers, as well as providing service to destinations that have been abandoned by airlines.
U.K.-based Signature Aviation said in November that demand had stabilized at 80% of 2019 levels. In comparison, global commercial airlines were operating at around one-third of pre-pandemic capacity then.
The billionaire is doubling down on private-jet travel, as the niche industry recovers more quickly amid the coronavirus pandemic than the wider commercial aviation market.
www.wsj.com