EU clear airport sale
26.11.09
The European Commission has given Global Infrastructure Partners (GIP), the private equity fund controlled by Credit Suisse and GE that already owns London City Airport, permission from to buy Gatwick Airport today. BAA, under pressure to reduce its dominance in UK airports and cut its debt, had agreed to sell Gatwick for a smaller-than-expected £1.51 billion last month. The deal is now expected to be completed in early December.
The Commission said in a statement that the deal would not hamper competition. It added: 'Examination of the proposed transaction showed that the overlaps between the activities of London City Airport and Gatwick Airport are limited. Therefore, the transaction would raise no competition concerns.'
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