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21/10/2009
Gatwick Airport Sold Off
One of Britain's biggest airports has been sold.
After the Competition Commission ruled in March that the company would have to sell the airport within two years, BAA said today it has agreed the sale of Gatwick Airport in a deal worth £1.51bn.
The airport will be sold to Global Infrastructure Partners, the owner of City Airport, BAA said.
The Commission also ordered BAA - which is owned by Spain's Ferrovialto - to sell Stansted and either Glasgow or Edinburgh after it found competition problems at each of its seven UK airports.
BAA is taking part in an appeal at the Competition Appeal Tribunal against the decision, which forces them to sell off some of their other airports.
The company said proceeds from the sale will be used primarily to repay part of BAA's debt, which stood at £9.6bn at the end of June.
BAA Chief Executive Colin Matthews described the deal as a "new beginning" for the company.
"BAA is changing and today's announcement marks a new beginning for both Gatwick and BAA," Mr Matthews said.
"We wish Gatwick well for the future and are confident that the airport will flourish under new ownership."
The sale is subject to EU merger regulation clearance and is due to be completed in December.
(BMcC/KMcA)
After the Competition Commission ruled in March that the company would have to sell the airport within two years, BAA said today it has agreed the sale of Gatwick Airport in a deal worth £1.51bn.
The airport will be sold to Global Infrastructure Partners, the owner of City Airport, BAA said.
The Commission also ordered BAA - which is owned by Spain's Ferrovialto - to sell Stansted and either Glasgow or Edinburgh after it found competition problems at each of its seven UK airports.
BAA is taking part in an appeal at the Competition Appeal Tribunal against the decision, which forces them to sell off some of their other airports.
The company said proceeds from the sale will be used primarily to repay part of BAA's debt, which stood at £9.6bn at the end of June.
BAA Chief Executive Colin Matthews described the deal as a "new beginning" for the company.
"BAA is changing and today's announcement marks a new beginning for both Gatwick and BAA," Mr Matthews said.
"We wish Gatwick well for the future and are confident that the airport will flourish under new ownership."
The sale is subject to EU merger regulation clearance and is due to be completed in December.
(BMcC/KMcA)
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17 September 2008
BAA Announces Plans To Sell Gatwick "Immediately"
Airport operator BAA has announced plans to sell the UK's second-largest airport, Gatwick "immediately". BAA's Chief Executive Colin Matthews, in a statement, said: "Gatwick has long been an important and valuable part of BAA and the decision to sell was not taken lightly.
BAA Announces Plans To Sell Gatwick "Immediately"
Airport operator BAA has announced plans to sell the UK's second-largest airport, Gatwick "immediately". BAA's Chief Executive Colin Matthews, in a statement, said: "Gatwick has long been an important and valuable part of BAA and the decision to sell was not taken lightly.
19 March 2009
CC Orders BAA To Sell Two Airports
The Competition Commission (CC) has ordered BAA to sell both Gatwick and Stansted as well as either Edinburgh or Glasgow. In its final report on BAA's ownership of seven UK airports, the CC also stipulates that BAA must sell all three airports within two years.
CC Orders BAA To Sell Two Airports
The Competition Commission (CC) has ordered BAA to sell both Gatwick and Stansted as well as either Edinburgh or Glasgow. In its final report on BAA's ownership of seven UK airports, the CC also stipulates that BAA must sell all three airports within two years.
02 September 2008
Virgin May Bid For Gatwick Ownership
A team from Sir Richard Branson's Virgin Atlantic Group is in the market to bid for a major UK airport. He has put together a consortium to raise the £2bn to buy Britain's second largest airport - Gatwick - now that the current owner BAA is selling it due to well publicised competition concerns.
Virgin May Bid For Gatwick Ownership
A team from Sir Richard Branson's Virgin Atlantic Group is in the market to bid for a major UK airport. He has put together a consortium to raise the £2bn to buy Britain's second largest airport - Gatwick - now that the current owner BAA is selling it due to well publicised competition concerns.
10 August 2005
London bombings affect air traffic
BAA has reported a 2.6% increase in UK airport traffic figures in July, compared with last year, with its seven airports handling a record 14.6 million passengers last month. However, the airport operator said that the London bombings on July 7 had affected the increase.
London bombings affect air traffic
BAA has reported a 2.6% increase in UK airport traffic figures in July, compared with last year, with its seven airports handling a record 14.6 million passengers last month. However, the airport operator said that the London bombings on July 7 had affected the increase.
20 August 2008
Commission Urges BAA To Sell Three Airports
BAA is being urged to sell three of its seven airports because of concerns about its dominance in the market. The Competition Commission (CC) is recommending that the airport operator should have to sell two of its three airports in the south east: Heathrow, Gatwick and Stansted.
Commission Urges BAA To Sell Three Airports
BAA is being urged to sell three of its seven airports because of concerns about its dominance in the market. The Competition Commission (CC) is recommending that the airport operator should have to sell two of its three airports in the south east: Heathrow, Gatwick and Stansted.
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