Partly Cloudy

Partly Cloudy

max temp: 11°C

min temp: 3°C

ESTD 1874 Search

Essex: Manchester Airports Group completes acquisition of Stansted

14:04 28 February 2013

Stansted Airport

Stansted Airport

Archant

HEATHROW Airport Holdings today announced the completion of its sale of Stansted Airport to Manchester Airports Group for £1.5billion.

shares

Heathrow Airport Holdings (HAH), previously known as BAA, announced a provisional agreement with Manchester Airport Group (MAG) last month, following the deadline for the second round of bidding for Stansted.

The former BAA group fought a three-year battle against a Competition Commission ruling that it must sell Stansted before throwing in the towel last summer.

Confirmation that the deal with MAG had been completed came at lunchtime today in a one sentence statement from HAH.

MAG, which already includes Manchester, East Midlands and Bournemouth airports, is a holding company owned by the 10 borough councils of Greater Manchester, making it the UK’s largest domestically-owned airport operator.

MAG said it had a detailed integration plan in place to ensure a “seamless transition of ownership and operations at Stansted which will maintain business as usual for passengers and customers”.

Charlie Cornish, chief executive 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.”

The Competition Commission ruled in 2009 that BAA – which is owned by a consortium led by Spanish group Ferrovial – had to sell both Stansted and Gatwick due to concerns over a lack of competition between London’s three main airports, which, led by Heathrow, were all owned by the same company.

Gatwick Airport was sold in November the same year to Global Infrastructure Partners, owner of London City airport, for £1.5bn, but BAA contested the order to sell Stansted as well.

Stansted is the UK’s fourth busiest airport after losing its third place to Manchester. It is London’s base for low-cost airlines, with around 17.5m passengers and 131,400 flights passing through every year.

In all, 14 airlines operate from the Essex budget hub, serving more than 150 destinations in 32 countries, and it gives jobs to around 10,200 people in 200 businesses, including 1,316 directly employed by the airport.

As part of the deal announced today, Industry Funds Management (IFM) has taken a 35.5% equity interest in the enlarged MAG group.

Christian Seymour, head of infrastructure, 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.”

shares

1 comment

  • Good; that means we will get a smoking area like there is at East Midlands airport... :-)

    Report this comment

    Just Me

    Monday, March 4, 2013

The CWT fears a trade deal with the US would undermine any future proposals to renationalise organisations like BT or Royal Mail.

Opposition to a controversial trade deal being negotiated between the European Union and the United States has intensified amid warnings of its “massive impact” on any future campaign to renationalise the Royal Mail or BT.

A colder than normal start to the year has boosted British Gas profits.

Profits at British Gas are set to rise after the energy supplier revealed a boost in consumption following a colder than normal start to the year.

Matthew Embley,  RDC recycling services manager, left, and Gary Griffiths, RDC international partners compliance, with the company's gold Zero Waste award.

Information technology reuse and recycling company RDC has received a gold Zero Waste Award from the letsrecycle.com website.

Angela Rushforth, managing director of Ridgeons, with the firm's Investors in People gold accreditation.

Regional timber and builders’ merchant chain Ridgeons has been awarded a “gold” rating under ther Investors in People (IiP) programme.

Alex Till of Menta.

Suffolk-based Enterprise agency Menta and the county branch of the Institute of Directors (IoD) are working together to help Suffolk business owners as they strive for growth.

The water unit from the Prince's Street fire station with Ipswich with officials from the Port of Ipswich and students from Suffolk New College at the water safety demostration hosted by the port.

The Port of Ipswich teamed up with Suffolk Fire and Rescue Service to stage a rescue simulation off Orwell Quay.

From left, Chris Chamberlain from HTK, Vicki Cole from Crafted and Helen Dodman from Ipswich Central, the three organisations behind the Destination Digital conference.

The company behind the delivery of the Ipswich town centre Business Improvement District project has teamed up with two local digital specialist to stage a conference on online marketing for the tourism and hospitality sectors.

French Connection has warned that it faces a substantial loss when it posts its annual results.

Fashion chain French Connection today warned that it now expects to make a big annual loss after seeing its recovery hopes dashed by a difficult spring trading period.

Andrew Harrison, managing director of Stansted Airport.

Manchester Airports Group, parent company of Stansted Airport, scored a four-star rating in Business in the Community’s 2015 CR Index.

Dominic Casserley, group chief executive of Willis.

Global risk advice and insurance broking firm Willis has launched a 550million euro (£393m) offer to take full control of the French broker Gras Savoye.

Most read

Most commented

Topic pages