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GIP selling significant stake in Gatwick Airport to VINCI Airports

Posted 4 January 2019 · Add Comment

Global Infrastructure Partners (GIP) are selling a 50.01% stake in Gatwick Airport to VINCI Airports, a worldwide airport operator with a network of 46 airports in 12 countries, for £2.9 billion.



Above: Gatwick's retail and catering outlets in the North terminal.
Courtesy Gatwick Airport


GIP has said it will maintain its integral role in the management and ownership of the airport, with Gatwick operations and management unchanged through the partnership.

Adebayo Ogunlesi, GIP Chairman and Managing Partner, said: “We welcome VINCI, one of the world’s most respected airport operators, as a partner in Gatwick airport. We look forward to building on the Gatwick success story together.”

Michael McGhee, GIP Partner, said: “This partnership is focused on continuing thetransformation at the airport over the last decade. We are pleased VINCI Airports shares our vision of Gatwick’s future.

“We expect the transaction to be completed by the middle of next year, with the senior leadership team remaining in place. Their focus, along with everyone at Gatwick, obviously remains on doing their very best for customers over the busy holiday period after the challenges of recent days.”

The senior management team at Gatwick will stay in post, with Sir David Higgins (Chairman), Stewart Wingate (CEO) and Nick Dunn (CFO) continuing in their roles, along with other key managers. GIP will continue to manage the remaining 49.99% interest in Gatwick after the transaction closes.

Gatwick, which at peak times is the busiest single runway airport in the world, published a draft master plan for consultation in October. That plan, which considers the airport’s development to 2040, is unaffected by today’s announcement.

Commenting on the announcement by GIP and VINCI Airports, Gatwick’s Chairman Sir David Higgins, said: “We very much welcome this commitment from VINCI Airports to Gatwick which is a vote of confidence in Gatwick and its future potential.”

Chief Executive, Stewart Wingate, said: “Our Chairman and I, along with our senior management team, will all remain at Gatwick and look forward to improving services further for our passengers. There will be no changes to the immediate running of Gatwick and we expect the transaction to complete by the middle of next year.

“This is good news for the airport as it will mean both continuity but also further investment for passengers over the coming years to improve our services further. We currently fly to over 220 destinations around the world and are ambitious to do even more in the years ahead.

“Now we are through the recent disruption at the airport and services are fully back to normal I would once again like to express my thanks to passengers for their patience during this challenging period.

“I would also like to thank all those who have supported my teams in getting Gatwick back up and running, particularly our airlines, the police, the armed forces, other airports, the CAA and the Department for Transport.

“I know this unprecedented criminal activity caused huge inconvenience to thousands of people - many of whom missed important family events in the run up to Christmas. We have appreciated the understanding and tolerance shown at what was a really challenging time for everyone, and we are grateful that passengers recognised that we should never do anything that might jeopardise their safety.

“There are obviously wider strategic lessons for everyone involved to prevent it happening again, and Gatwick itself has taken a number of important steps in recent days which will make a significant difference to the airport’s resilience."


 

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