BAA Sells Edinburgh Airport To GIP For GBP807.2 Million

Date : 04/23/2012 @ 9:45AM
Source : Dow Jones News
Stock : JP Morgan Chase & Co. (JPM)
Quote : 85.36  0.01 (0.01%) @ 8:00PM

BAA Sells Edinburgh Airport To GIP For GBP807.2 Million

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U.K. airports operator BAA on said Monday that it has sold Edinburgh airport to Global Infrastructure Partners LLC for GBP807.2 million, after a hotly contested auction over several months.

GIP, which already owns the U.K.'s Gatwick airport, fended off JP Morgan Chase & Co.'s (JPM) global asset management division in the closing stages with final bids submitted last week.

Earlier bidders in the auction included the Carlyle Group and 3i Group PLC (III.LN).

BAA hired BNP Paribas SA (BNP.FR) and Citigroup (C) to sell the airport, Scotland's busiest, late last year following the competition commission's ruling that the operator sell either Edinburgh or Glasgow airport.

Edinburgh Airport handled 9.3 million passengers in 2011 and generated earnings before interest, tax, depreciation and amortization of GBP48.3 million for the same period.

After the sale of Edinburgh Airport, BAA will own Heathrow, Stansted, Glasgow, Aberdeen and Southampton airports.

Spanish construction group Ferrovial SA (FER.MC) has been selling down its stake in BAA over the past year or so and now holds 49.99% in the airport operator.

- By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; marietta.cauchi@dowjones.com

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