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Gatwick is being sold for £1.51 billion
BAA sells Gatwick
Thursday, October 22, 2009
Gatwick is being sold for £1.51 billion to London City Airport owner, US-based Global Infrastructure Partners. BAA announced its plans to sell Gatwick in September 2008, before the end of the Competition Commission's UK airports market investigation. The agreement will lead to greater competition between airports serving London.
Chief executive Colin Matthews 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 company has also been ordered to sell Stansted and one of Glasgow or Edinburgh airports, but is appealing against the decision.
The sale of Gatwick, which is subject to approval by the European Union, is due to be completed in December. Gatwick, which employs around 2,500 people, opened in 1958 and is the busiest single runway airport in the world, handling 32.2 million passengers in the year to September.
Chief executive Colin Matthews 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 company has also been ordered to sell Stansted and one of Glasgow or Edinburgh airports, but is appealing against the decision.
The sale of Gatwick, which is subject to approval by the European Union, is due to be completed in December. Gatwick, which employs around 2,500 people, opened in 1958 and is the busiest single runway airport in the world, handling 32.2 million passengers in the year to September.
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