BAA has agreed to sell its 100% interest in
Gatwick Airport Limited 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
Proceeds will be used to primarily repay part of
BAA's existing debt.
BAA first announced its plans to sell
Gatwick in September 2008, before the end of the Competition
Commission's UK airports market investigation.
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
"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
"BAA will focus on improving Heathrow and
our other airports."
The sale is subject to, among other
things, EU merger regulation clearance. Completion of the sale is
scheduled for December.
opened in 1958 and is today one of the busiest single runway airports in the
world, handling 32.2 million passengers in the year to September
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