Carlyle says it won't make firm offer for Signature Aviation

Private equity firm Carlyle has decided not to make a firm offer for aviation services company Signature Aviation.

The firm said late on Thursday that it had made the decision not to proceed "after careful consideration".

Earlier in the week, Signature agreed to sell its Engine Repair and Overhaul (ERO) business to StandardAero - a US aircraft-maintenance company backed by Carlyle - for $230m.

At the beginning of February, Signature backed a $4.7bn bid by Global Infrastructure Partners, Blackstone and Microsoft founder Bill Gates.