The sell off will allow MAG to concentrate on its strategy of maximising the growth opportunities offered by its larger Manchester, East Midlands and Bournemouth Airports, which together handle around 28 million passengers a year.
Chief Executive of stake-holder North Lincolnshire Council, Simon Driver said:"North Lincolnshire Council welcomes the long-term relationship with Manchester Airports Group and recognises that now is the time to look to the future. We will build on the success of the airport for the benefit of North Lincolnshire and the wider region.
"The airport has real potential and the council, as a shareholder, will look to maximise the development of the airport in the future. The council has maintained its shareholding in the airport since 1996. In light of the news from Manchester Airports Group, the council now needs to consider its position. It is inappropriate to comment further at this stage."
Since purchasing its majority stake in Humberside Airport in 1999 for £10 million, MAG has invested nearly £7 million in capital expenditure to improve and develop the airport infrastructure.
Routes currently served from Humberside Airport include Air France/KLM’s worldwide hub at Amsterdam, many of the popular holiday destinations in Europe, the Canaries, Lapland, the Channel Islands and domestic services to Scotland.
Humberside Airport maintains annual passenger volumes of approximately 500,000 and has broadened its aviation activities to include scheduled and charter passenger services, freight, North Sea gas rig services, aircraft maintenance and pilot training.
The review and any future decisions about MAG’s stake in Humberside Airport are expected to be completed by the end of 2008.