London Gatwick Airport sale agreed
Wed, 21 Oct, 2009
London Gatwick Airport is to be sold by BAA to investment fund Global Infrastructure Partners (GIP) for a price of more than £1.5 billion.
BAA had been attempting to sell it since September 2008 and the money from the deal will be chiefly used to pay off some of the company's existing debt.
Colin Matthews, chief executive of BAA, said that his organisation was proud of helping to turn London Gatwick Airport into one of the world's leading airports.
"We wish Gatwick well for the future and are confident that the airport will flourish under new ownership," he said.
The deal is set to be completed by the end of December, subject to EU merger regulation clearance.
BAA has been ordered to sell off three of its UK airports, including London Gatwick Airport, by the Competition Commission.
The company is appealing against the decision in a tribunal taking place this week.