Today BAA has just mentioned that it is to sell Gatwick Airport for £1.5 Billion to the owners of London City Airport.
BAA are going to use this money to clear of some of it’s £10 Billion debt.
The sale comes in the wake of a Competition Commission inquiry into BAA and especially its dominance of airports in the South East and in Scotland. The commission ruled in March that BAA had to sell Gatwick, Stansted and either Edinburgh or Glasgow airports.
BAA was careful to point out that it had unveiled plans to sell Gatwick in September 2008, before the Competition Commission published the results of its inquiry. BAA is appealing against the commission ruling.
Colin Matthews, the chief executive of BAA, said: “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.
“BAA is changing and today’s announcement marks a new beginning for both Gatwick and BAA. We wish Gatwick well for the future and are confident that the airport will flourish under new ownership.
“BAA will focus on improving Heathrow and our other airports.”
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