London Gatwick Airport 'to be sold by BAA'
Wed, 07 Oct, 2009
London Gatwick Airport is set to be sold by BAA in a deal believed to be worth more than £1.5 billion, according to media reports.
BAA was ordered to sell the airport, along with either London Stansted Airport or Edinburgh Airport, by the Competition Commission over concerns that it had too much control over the UK's airports.
It is believed that a consortium led by Global Infrastructure Partners (GIP) is now close to buying London Gatwick Airport for around £1.5 billion after fighting off interest from a variety of other consortiums.
GIP, which was founded by Credit Suisse and General Electric, made an offer for the airport in May 2009 which was turned down, but the group has made a new bid.
BAA refused to confirm the story and told Reuters: "We remain in discussions with a number of bidders and are working towards no specific deadline and no transaction has been agreed with any party."
The company currently owns seven airports in the UK, including Britain's most popular airport London Heathrow.