Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQU E  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 7.5.2021  
C(2021 ) 3396 final  
PUBLIC VERSION  
The Blackstone Group Inc.  
345 Park Avenue  
10154 – New York, NY  
United  States of America  
 
Global Infrastructure Investors IV, 
LLC  
251 Little Falls Drive  
19807 – Wilmington, New Castle 
County, DE 
United States of America  
 
Cascade Investment, L.L.C.  
2365 Carillon Point  
98033 – Kirkland, Washington  
United States of America  
Subject : Case M. 10200  – BLACKSTONE / GIP / CASCADE / SIGNATURE  
Commis sion decision pursuant to Article 6(1 )(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 14 April  2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the Blackstone 
Group Inc. (“Blackstone”, USA), Global Infrastructure Partners (“GIP”, USA) and 
Cascade Investment, L.L.C. (“Cascade”, USA) acquire within the meaning of Article 
3(1)(b) of the Merger Regulation joint control of Signatur e Aviation plc (“Signature”, 
UK). The concentration is accomplished by way of public bid announced on 5 
February 2021.3 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 140, 21.4.2021 , p. 10. 

2 2. The business activities of the undertakings concerned are:  
 for Blackstone: a global asset manager, which invests across a wide range of 
assets classes such as private equity, real estate, public debt and equity, growth 
equity and secondary funds,  
 for GIP: an independent infrastructure investor focused on the transport, energy, 
waste and water sectors. GIP's clients include global pension f unds, sovereign 
wealth funds and other investors,  
 for Cascade: a private investment entity that manages the assets of William H. 
Gates III. Cascade is pr imarily active in North America,  
 for Signature: an operator of a global fixed based operations network for business 
and general aviation travellers, providing premium flight support services, 
including fuel and non -fuel services, ground -handling and flight -related support 
for passengers, crew and aircraft. Signature also provides engine and component 
repair  and overhaul services from locations in the USA, the UK, South America 
and Asia, which it has agreed to sell to a third party.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5(a) and 5 (c) of the Commission Notice on a simplified procedure for 
treatment of certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .