Global Infrastructure Partners is the rising star in London’s airport region after having agreed to pay ₤1.51 billion to BAA for Gatwick airport.
The firm is also the majority airport of London City.
The sale sets up an interesting airport duopoly in the London area, with BAA owing Heathrow and Stansted, and the two other airports owned by Global Infrastructure Partners. That may not last long, though, as U.K. competition authorities are also trying to force BAA to unload Stansted. BAA is currently fighting that ruling in court.
Ferrovial-owned BAA was forced to sell Gatwick by the U.K. government, although it actually began the process before the Competition Commission’s requirement to do so was final.
The sale price may yet be modified. BAA says that “£55 million is conditional on future traffic performance and the buyer's future capital structure.”
The deal should close in December, although still has to pass anti-trust review. Competition authorities are expected to okay the deal.