News

Manchester Airports Group buys Stansted

18 Jan 2013 by BusinessTraveller

Manchester Airports Group (MAG) has confirmed it has been successful in its bid for Stansted airport.

The group will pay £1.5 billion to purchase the airport from Heathrow (SP) Ltd (formerly BAA), with Industry Funds Management becoming a strategic investor in MAG and taking a 35 per cent stake in the enlarged group.

In a statement MAG said that it had been successful in its bid "after a transparent and highly competitive process".

The group said it has "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", adding the the transaction is expected to reach financial completion by the end of February.

Aside from Manchester airport MAG also owns East Midlands and Bournemouth airport. The group sold Humberside airport in 2012.

Industry Funds Management has investments in nine airports across Australia, as well as Anglian Water and broadcast and wireless communications infrastructure company Arqiva Ltd.

Charlie Cornish, Chief Executive of MAG said:

“We are delighted to be successful in our bid for Stansted Airport, the London airport for Europe. The transaction represents a significant milestone in the achievement of our previously stated strategy of adding a quality airport to the group and delivering long term value to our shareholders.

“MAG has a strong track record of creating shareholder value through strategic investment and enhancing operations to improve customer service and drive increased passenger numbers. We will use that expertise at Stansted to ensure that the airport can fulfil its potential as a high quality alternative London access point for global air travellers. Stansted has scope to benefit from significant volume growth over the short, medium and long term."

For more information visit magworld.co.uk, stanstedairport.com.

Report by Mark Caswell

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