“Gatwick sold,” says BAA
The British Airport Authority (BAA) has announced that it has come to an agreement to sell its 100% interest in Gatwick Airport Limited to an body controlled by Global Infrastructure Partners. The price agreed on is £1.51 billion. £55 million is conditional on future traffic performance and the future capital structure of the buyer.
BAA has revealed that the proceeds of the sale will largely be used to repay part of BAA's existing debt. BAA originally announced its plans to sell Gatwick in September of last year, before the end of the Competition Commission's UK airports market investigation.
Colin Matthews, BAA's Chief Executive, said: "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."
The sale is subject to a number of factors, including EU merger regulation clearance. It is expected that the deal should be finalised in or before December.
It is thought the sale will have no impact on the operation of APH's secured parking services for passengers using Gatwick Airport.
