• UK
  • Ireland
  • Netherlands
  • Germany
  • USA
  • South Africa
  • Australia

Travel News

 

Search news stories

 

News Feeds

bloglines
Google
Live
Technorati
RSS
DCS

New investment group to purchase Gatwick airport

New investment group to purchase Gatwick airport A new investment entity has been formed to mount a potential bid for London Gatwick Airport which has been put up for sale by BAA.

Private equity group 3i has teamed up with the Ontario Teacher's Pension Fund, which is one of the largest in the world, to put together a bid for the airport.

Ontario and 3i have reportedly contacted NM Rothschild and the Australian banking group Macquarie to act as advisors on the bid, which could be in the region of £1.5 billion.

It is also believed that the Canadian Pension Plan is considering joining the consortium to make a move for Gatwick.

Spanish-owned BAA has put Gatwick up for sale following a Competition Commission pre-ruling that its ownership of the three London airports runs counter to the public interest.

HSBC and the Royal Bank of Scotland (RBS), the airport authority's advisors on the sale, are due to send out documents to all potential suitors over the next few weeks.

Other groups considering a move for Gatwick include a consortium being led by Sir Richard Branson's Virgin Atlantic, which is believed to include low-cost carrier easyJet.

Another potential bidder is Citigroup's infrastructure fund, which is joined by the John Hancock Life Insurance Company and the Vancouver Airports Authority.

Manchester International Airports Group has also reportedly partnered with investment firm Borealis to mount a bid.

Finally, three sovereign wealth funds based in the Gulf — Kuwait Investment Authority, the Abu Dhabi Investment Authority and Mubadala — are also said to hold a strong interest.

Airport News posted on 01 December 2008

Have your say - Post a new Comment!

Heading:
Comment:
Anonymous: