Consortium to buy London City Airport

London City Airport (LCY)
A Canadian-led consortium has signed an agreement to buy London City Airport (IATA: LCY).
The consortium comprises AIMCo, OMERS, Ontario Teachers’ Pension Plan and Wren House Infrastructure Management Limited, the infrastructure investing arm of the Kuwait Investment Authority. Financial details of the transaction have not been disclosed but the deal is expected to be closed by March 10.
The US investment firm Global Infrastructure Partners (GIP), which owned a 75% controlling stake of the airport, began the sale process last August after its expansion plans were blocked by the Mayor of London.
The Consortium, which already owns Belfast, Birmingham and Bristol airports in the UK, issued a statement saying it is “committed to the responsible, long-term ownership and development” of London City Airport.”