BAA has sold Gatwick Airport
BAA to focus on improving Heathrow
By TravelMole on 21 October 2009 in News
Gatwick airport is being sold for £1.51 billion to London City Airport owner, US-based Global Infrastructure Partners (GIP). This comes just three years after Spain's Ferrovial paid £10.1 billion for BAA, which operates seven UK airports.
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.
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