VINCI Airports has signed an agreement to acquire a 50.01 per cent stake in London Gatwick Airport from Global Infrastructure Partners (GIP) in a deal worth £2.9bn.
GIP, which acquired Gatwick in 2009, will continue to operate the remaining 49.99 per cent of the airport after the transaction is completed later this year.
Nicolas Notebaert, chief executive officer of VINCI Concessions and president of VINCI Airports, said: “As Gatwick’s new industrial partner, VINCI Airports will support and encourage growth of traffic, operational efficiency and leverage its international expertise in the development of commercial activities to further improve passenger satisfaction and experience.”
Notebaert added that the transaction fits with VINCI Concessions’ long-term investment plans, saying:
“Creating synergies and sharing best practices being at the core of our values, the whole VINCI Airports network will benefit from Gatwick Airport’s world-class management and operational excellence, which has allowed it to deliver strong and steady growth in a very constrained environment.”
In the year ending 31 March 2018, Gatwick Airport Group recorded total revenue of £764.2m, with EBITDA of £411.2m.
Once the deal is completed later this year, VINCI will operate a total of 46 airports in 12 countries, with Gatwick becoming the group’s first British airport.