French company buys majority stake in Gatwick Airport
VINCI airports has acquired a majority stake in London’s Gatwick Airport.
The French concessions and construction company is set to buy a 50.01% stake in London Gatwick Airport for around £2.9bn, subject to terms at time of closing.
The remaining 49.99% will be managed by current share-holder GIP.
The transaction is expected to be completed in the first half of 2019, when Vinci will fully consolidate Gatwick.
Nicolas Notebaert, chief executive officer of VINCI Concessions and President of VINCI Airports, commented on the acquisition: “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.
“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,” he added.
The acquisition forms part of VINCI’s growth strategy, as Gatwick Airport Group reported total revenue of £764.2m in the 2017-18 tax year.
Gatwick was the strongest choice to add to VINCI's portfolio, as it is a “strongly performing airport located in a globally significant aviation market”, a VINCI statement read.
Gatwick will become the largest single airport in VINCI Airports’ growing worldwide network.