Surrey Business News

03/11/09 London Gatwick Airport Is Sold - BAA

London Gatwick Airport has been sold by BAA to an entity controlled by Global Infrastructure Partners for £1.51 billion.

Of the sale price, £55 million is conditional on future traffic performance and the buyer’s future capital structure. Proceeds will be used to repay part of BAA’s existing debt.

Andy Flower, managing director of London Gatwick Airport said: “Today’s announcement is a landmark day for the airport, our staff, airlines and business partners, members of the local community and of course, the 34 million passengers* who choose to fly through Gatwick each year.”

Andy added: “ We now look forward to working with Global Infrastructure Partners to maximise the potential of Gatwick.”

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

More local news here.