Ferrovial finds buyer for Gatwick
21 October 2009
Ferrovial has announced plans to sell London's Gatwick Airport for UK£ 1,51 billion (€ 1,66 billion) to investment company Global Infrastructure Partners. The announcement follows mounting regulatory pressure for the Spanish contractor to break up BAA, its UK airport operator subsidiary.
According to Ferrovial, the deal will help BAA pay down its debt. However, it also said the sale represents a € 142 million loss.
The deal is conditional on approval from European competition authorities and a 15-day public consultation in the UK. This has been instigated at the insistence of the UK Competition Commission to assess Global Infrastructure Partners' commitment to the airport. The transaction is expected to close on 3 December.
Global Infrastructure Parterns also owns a 75% stake in London City Airport, a small business-oriented airport in the Docklands area of East London.
Gatwick is the UK's second largest airport in terms of passenger traffic and the busiest single runway airport in the world. Last year it handled 34,2 million passengers and 171000 tonnes of cargo.
