Vinci has officially completed its takeover of Gatwick Airport, purchasing a 50.01% stake in the business.
The French contractor has said that it aims to continue with plans to grow the airport, after completing the deal thought to be around £2.9bn.
In October last year, Gatwick Airport bosses unveiled a new draft masterplan which outlines how it intends to increase its capacity into the early 2030s.
The plan outlines three scenarios under which the airport can expand going forward. Plans under the draft include using new technology to boost capacity on the main runway, starting to routinely use the existing emergency runway, and safeguarding an additional runway for the future.
Under the terms of the deal, Global Infrastructure Partners (GIP) will continue to hold a 49.99% share in Gatwick.
The new partnership has vowed to press on with investment and growth plans.
GIP partner Michael McGhee said: “The GIP-Vinci partnership is focused on continuing the transformation of the airport. Vinci’s global airport expertise, coupled with GIP’s intimate knowledge of Gatwick and the UK market, offer a unique and complementary world-class airport capability to carry on delivering exceptional performance.”
The new partnership has also committed to a £1.1bn Capital Investment Programme (CIP) set to deliver a range of passenger improvements by 2023.
Vinci airports president Nicolas Notebaert added: “This partnership marks the beginning of a very exciting future for London Gatwick and Vinci Airports. Applying our joint skills will add significant value to both Vinci Airports and London Gatwick Airport and benefit all our stakeholders, notably airlines and passengers. Combining our expertise will further improve our operational excellence and sustain our shared vision of putting passengers’ satisfaction at the heart of everything we do.”
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