Airport News
Manchester Airports Group (MAG) has announced that it will join forces with Industry Funds Management (IFM) to make a bid to buy Stansted Airport from BAA, BBC News has reported.
The airport is being sold following the conclusion of a lengthy legal battle to overturn a ruling by the Competition Commission, which ordered BAA to sell Gatwick, Stansted and either Edinburgh or Glasgow airports because of lack of competition. The company sold Gatwick in 2009 to Global Infrastructure Partners (GIP) and subsequently sold Edinburgh Airport to the same group in June 2012.
Charlie Cornish, chief executive of MAG, told BBC News, “Together with IFM, we can confirm that we will make a bid for Stansted Airport. Having conducted a strategic review of the group, we believe its addition to MAG will generate shareholder value in combination with our existing airports in the North, South West and Midlands markets.
"MAG has a proven track record in running profitable, growing airports through its successful approach to customer service, retail, car parking, property management and aviation development which would benefit passengers in the South East."
MAG is owned by the 10 council authorities of Greater Manchester – the largest stakeholder being Manchester City Council, which owns 55%. It currently operates Manchester, East Midlands and Bournemouth airports. If the deal went ahead, IFM would take a 35% stake in the group, BBC News reported.
