Lack of competition forces BAA to sell Gatwick

News at Gatwick 21/10/2009

Aer Lingus plan furtherjob cuts : October 2009 : Frugla holidays to beat the crunch

Sale to go through by December

The sale of Gatwick Airport will finally complete during December this year with its current owners the British Airports Authority (BAA), launching an appeal to stop the transaction from completing. Global Infrastructure Partners (GIP), have successfully offered BAA £1.51bn for the airport that is one of seven that BAA currently own. BAA currently has debts of mire than £9.5bn and will use some of the money to pay its creditors.

GIP are currently part owners of London City Airport, they have a 75 per cent stake and have bought Gatwick after an enquiry found that there was too little competition in the airport business although BAA says that it will fight against the sale. BAA may also be forced to sell Glasgow or Edinburgh as well as Stansted. BAA believes that the Competition Commission ruling was not correct as there was a link between a member of the ruling panel and an organisation interested in buying the airports.

BAA said that its profits had fallen dramatically this year by as much as 18.4 per cent after the recession saw the level of passengers dramatically decrease by 2.7 per cent across its UK airports.

Aer Lingus plan furtherjob cuts : October 2009 : Frugla holidays to beat the crunch

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