Fri, 21 Oct 2011 | BUSINESS SALE
BAA has opted to put Edinburgh Airport on the market, with a price tag of around £500 million, after being forced to sacrifice one of its Scottish operations by the Competition Commission.
The company, which operates six airports in the UK, including Heathrow and Stanstead, is thought to have chosen to sell Edinburgh over Glasgow Airport, as it will fetch them the highest price of the two.
BAA's chief executive, Colin Matthews, said the airport would formally be put up for sale in the new year, and they hope that a sale can be agreed on by next summer.
"Choosing which airport to sell has been a difficult decision," Matthews said. "Edinburgh Airport has shown itself to be a strong and resilient asset throughout the economic downturn. In an uncertain market, we expect it to be an attractive asset to prospective buyers. Glasgow Airport has great opportunities for future growth and development."
Edinburgh has shown healthy passenger figures this year, rising by 9.5 per cent to 7.28 million in the first nine months of 2011. Glasgow experienced a 5.7 per cent rise, to 5.3 million during the same period.
The sale is expected to attract a number of recognised bidders, including Global Infrastructure Partners, the fund that was established by General Electric and Credit Suisse, and bought Gatwick from BAA in 2009 in the first of the disposals ordered by the Commission.
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