Owner Sells Gatwick Airport for $2.46 B to Comply with Gov't Order

Manila Bulletin, October 22, 2009 | Go to article overview

Owner Sells Gatwick Airport for $2.46 B to Comply with Gov't Order


LONDON (Dow Jones) – BAA Ltd., part of Spain's Grupo Ferrovial SA, Wednesday said it agreed to sell London's Gatwick Airport for GBP1.51 billion ($2.46 billion) to City Airport owner Global Infrastructure Partners, in an effort to clean up its balance sheet and after being ordered by the UK Competition Commission to make the sale.BAA said it will use the proceeds to repay debt, which includes a GBP1 billion tranche due in March.Ferrovial said it expects to book a EUR142 million (GBP129 million) loss from the sale. A GBP55 million portion of the sale price is conditional on future traffic performance and the buyer's future capital structure.Global Infrastructure Partners, a $5.64 billion investment fund controlled by Credit Suisse Group (CS) and General Electric (GE), beat several bidders in its offer, which was higher than the GBP1.3 billion Gatwick had been expected to fetch.Global Infrastructure Partners invests in infrastructure in industries including energy, shipping and waste management, and holds a 75% stake in London's City Airport.Initial estimates of the airport's value had been as high as GBP2 billion, though that wasn't seen as a realistic price in light of declining air traffic at Gatwick and the squeeze on credit available to potential purchasers. …

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