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BAA sells Gatwick for GBP 1.5bn

22nd October 2009

Gatwick Airport is to be sold in December for GBP 1.51 billion to help pay off the debts of operator BAA.

The buyer is US-based investment fund Global Infrastructure Partners, which owns London City Airport.

The deal sees Gatwick sold for slightly less than BAA's most recent valuation of GBP 1.575 billion.

Colin Matthews, BAA's chief executive, commented: 'Gatwick and its people have long been a central part of BAA and we are proud of the airport's development as one of the world's leading international airports.'

He said the deal represents a 'new beginning' for Gatwick and BAA, adding that the airport operator will now focus its attention on Heathrow and its other UK airports.

Last month, Heathrow captured the attention of the literary world when Alain de Botton followed his stint as a writer-in-residence with readings from his most recent book A Week at the Airport: A Heathrow Diary.

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