Heathrow Airport Holdings Limited (“Heathrow”) has agreed to sell its 100% interest in Aberdeen International Airport Limited, Glasgow Airport Limited and Southampton International Airport Limited to a consortium formed by Ferrovial and Macquarie for £1,048 million (US$1,681 million) in cash and assumed debt, payable in full at closing. At closing, the sale consideration will be increased to compensate Heathrow for the time delay between today and the closing date. In addition, the sale is subject to EU merger regulation clearance.
John Holland-Kaye, Chief Executive of Heathrow, said:
“Aberdeen, Glasgow and Southampton airports and their people have been part of our company for a long time. They are great airports and we are proud of their achievements. We wish the new owners and our airport colleagues every success and are confident the airports will continue to flourish.
This sale enables us to focus on improving Heathrow for passengers and winning support for Heathrow expansion. Heathrow is the UK’s only hub airport, connecting the whole of the UK to the world and bringing economic benefits locally and nationally.”
Dave Lees, Managing Director of Southampton Airport, added: “Southampton Airport has undergone a number of ownership changes during its 100 plus year history. During this time it has continued to go from strength to strength, becoming a leading regional airport in the UK and Europe. The airport is widely recognised for its important role in the regional economy and for its award winning customer service.
“I am convinced that under new ownership Southampton Airport has a positive future and we will be working together to ensure a smooth transition over the coming months.”
The sale is expected to close no later than January 2015.