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BAA to sell Edinburgh airport to Gatwick and City owner

Airport operator BAA yesterday announced it had agreed to sell Edinburgh airport to fund manager and infrastructure investor Global Infrastructure Partners (GIP) for £807.2M.

Edinburgh was put up for sale last October, after the Competition Commission ruled that BAA had to sell either Edinburgh or Glasgow.

GIP already owns the controlling 48% stake in Gatwick and 75% of London City airport. The Gatwick deal was struck three years ago, when Spanish-owned BAA again sold it to GIP as part of the same regulatory requirement to divide up its assets.

The cash sale price is payable in full at closing, which is expected next month.

BAA and Edinburgh part company

Edinburgh Airport handled 9.3M passengers in 2011 and generated EBITDA of £48.3M for the same period.

After the sale of Edinburgh Airport, BAA will own Heathrow, Stansted, Glasgow, Aberdeen and Southampton airports.

 

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