BAA announces the sale of Gatwick


A Virgin Boeing 747 in front of Gatwick's control tower. Key - Steve Fletcher
A Virgin Boeing 747 in front of Gatwick's control tower. Key - Steve Fletcher

UK airport owner BAA announced that it has agreed to sell London Gatwick Airport in a £1.51 billion deal.

October 21: UK airport owner BAA announced that it has agreed to sell London Gatwick Airport in a £1.51 billion deal.
The buyer is “an entity” controlled by Global Infrastructure Partners, the company said in a press release. Proceeds from the sale will be used to repay some of BAA’s existing debt.
Colin Matthews, BAA’s Chief Executive, said: “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. We will focus on improving Heathrow and our other airports.”
Completion of the sale is scheduled for December but is subject to European Union merger regulation clearance.