BAA sells Edinburgh Airport to U.S. fund for £807 million
Spanish-owned airports operator BAA has agreed to sell Edinburgh Airport to U.S. investment fund Global Infrastructure Partners, which already owns Gatwick and London City hubs, it said on Monday.
"BAA today announces that it has agreed to sell its 100-percent interest in Edinburgh Airport Limited to Global Infrastructure Partners for £807.2 million ($1.3 billion, 990 million euros)," the group announced in a statement. The sale is expected to close by the end of May.
British competition authorities had ordered BAA in 2009 to sell London Gatwick and Stansted airports, plus either Edinburgh or Glasgow. It subsequently sold Gatwick to GIP for £1.5 billion.
However, BAA, which is part-owned by Spanish transport infrastructure giant Ferrovial, managed to keep hold of London Heathrow airport -- which is Europe's biggest in terms of passengers handled. BAA also owns Glasgow, Aberdeen and Southampton airports, as well as Stansted.
Earlier this year, in February, BAA lost its appeal against a Competition Commission ruling to sell London Stansted.
"Edinburgh Airport and its team have been part of BAA for a long time and we are proud of its achievements," said BAA chief executive Colin Matthews in Monday's statement.
"We wish the new owners every success and are confident the airport will continue to flourish. BAA will continue to focus on improving passengers' journeys at Heathrow and its other airports."
Late last year, meanwhile, Ferrovial cut its stake in BAA to just under 50 percent but it is still the largest single investor in the company