Airport News
Manchester Airports Group (MAG) has completed its €1.75 billion acquisition of Stansted Airport from Heathrow Airport Holdings (HAH), it has announced.
Manchester Airports Group (MAG) has completed its €1.75 billion acquisition of Stansted Airport from Heathrow Airport Holdings (HAH), it has announced.
Heathrow also released a short statement confirming the sale.
As part of the transaction, Industry Funds Management (IFM) has taken a 35.5% equity interest in MAG.
MAG said it has a “detailed integration plan” in place to ensure a seamless transition of ownership and operations at Stansted, which it said would maintain “business as usual” for passengers and customers.
Charlie Cornish, CEO of MAG, said: “We’re delighted to have added Stansted to our strong portfolio of UK airports.
“We aim to help fulfil its potential in the London market and bring more choice to its passengers in the years ahead.
“Today represents the achievement of a major strategic ambition for MAG and we look forward to working alongside staff, partners and stakeholders in ensuring the group’s success.”
Andrew Harrison, the chief operating officer of Manchester Airport Group (MAG), is tipped to become the new managing director of Stansted Airport.
A statement from Heathrow said: “Heathrow Airport Holdings Limited announces the completion today of the sale of Stansted airport to Manchester Airports Group for €1.75 billion.”
Christian Seymour, head of infrastructure in Europe at IFM, said: “We are hugely pleased to complete the acquisition of our stake in MAG and Stansted.
“It is a landmark acquisition for IFM, deepening our footprint in the UK, and is the culmination of 18 months’ work developing a strong, long term partnership with MAG.
“We look forward to bringing our significant international expertise in the airport sector to the benefit of the group.”
BAA – which officially changed its name to Heathrow Airport Holdings Ltd late last year – announced it would sell Stansted in August 2012, following a lengthy legal battle to hold onto the airport.
The UK Competition Commission ruled BAA should sell three of its seven airports in 2009.
It completed the sale of Edinburgh Airport to Global Infrastructure Partners (GIP) in April this year. GIP bought Gatwick Airport in December 2009.
The UK Court of Appeal rejected BAA’s appeal against the sale of Stansted in July 2012, and the following month, BAA said it was giving up its fight to keep the airport.