Gatwick Airport is sold for �1.51 billion, confirms BAA

BAA has confirmed that the �1.51 billion sale of Gatwick Airport to Global Infrastructure Partners has been formally completed. Airport operator BAA, which has also put Stansted Airport in Essex up for sale, has agreed to sell its 100 per cent interest in

BAA has confirmed that the �1.51 billion sale of Gatwick Airport to Global Infrastructure Partners has been formally completed.

Airport operator BAA, which has also put Stansted Airport in Essex up for sale, has agreed to sell its 100 per cent interest in Gatwick Airport Limited. Of the sale price, �55 million is conditional on future traffic performance and the buyer's future capital structure. Proceeds will be used to primarily repay part of BAA's existing debt.

BAA announced its plans to sell Gatwick in September 2008, before the end of the Competition Commission's UK airports market investigation.

Gatwick opened in 1958 and is the busiest single runway airport in the world, handling 32.2 million passengers in the year to September 2009. It employs around 2500 people.