£1.5bn Gatwick airport sale

BAA has sold its 100 per cent interest in Gatwick Airport for over £1.5 billion to an
entity controlled by Global Infrastructure Partners.

In March, the Competition Commission ruled that the
company, which owns seven UK
airports, would have to sell Gatwick within two years.

The Commission also ordered BAA, which is
owned by Spain’s
Ferrovial, to sell Stansted and either Glasgow or Edinburgh because of concerns
over competition.

BAA’s chief executive Colin Matthews says:
“Gatwick and its people have long been a central part of BAA and we are proud
of the airport’s development as one of the world’s leading international
airports.

“BAA is changing and today’s announcement
marks a new beginning for both Gatwick and BAA. We wish Gatwick well for the
future and are confident that the airport will flourish under new ownership.

“BAA will focus on improving Heathrow and
our other airports, ” he adds.

The sale is subject to, among other things,
EU merger regulation clearance. Completion of the sale is scheduled for December.

Paul Colston

Author

Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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