Article from BTNews 7 JANUARY 2019
Gatwick stake sold for £2.9bn
A deal by the France-based company Vinci Airports to acquire a majority 50.01% stake in Gatwick has been signed for a reported £2.9nbn. The other 49.99% will continue to be managed by Global Infrastructure Partners, Gatwick’s owner since 2009.
Vinci said in a statement: “The transaction represents a rare opportunity to acquire an airport of such size and quality and fits extremely well with Vinci Concessions’ long-term investment horizon.
“Gatwick Airport is an outstanding asset with further growth potential. This acquisition represents a major strategic move by Vinci Airports into a strongly-performing airport located in a globally-significant aviation market.”
Vinci manages 45 airports in France, Portugal, Sweden, Serbia, Cambodia, Japan, the US, Dominican Republic, Costa Rica, Chile and Brazil. The network, served by more than 250 airlines, handled over 180m passengers in 2017.
In the year ended 31 March, Gatwick Airport Group reported total revenue of £764m, with EBITDA (earnings before interest and taxes) of £411m. Gatwick, which operates the world’s busiest single runway, handled more than 46m passengers last year.
Chief executive Stewart Wingate said he and the senior management team will all remain at the airport and “we look forward to improving services further for our passengers”.
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