mr chips,
speculation on my part but it I would imagine that a new SRG would be able to insist on new equipment where necessary to ensure maintenance of standards.
the CAA in its present form does, (I feel), a decent job in regulating UK aviation and the UK holiday flight market through the ATOL scheme. If anything I would suggest that an independent SRG would be more likely to flex its muscle with a privatised NATS than it does at present - if only because no-one wants another Paddington. Does anyone complain about SRGs regulation of the numerous "non-NATS" airfields in this country?
As for the proceeds of any sale, from what I've seen the proceeds of previous privatisations have been used to write off the debt accumulated and to pay for tax cuts or perhaps spend on something else. The proposed sale of NATS does not change anything here.
As for benefits to a new owner - these have been well covered in previous threads but no doubt include a large tax allowance for the new parent company by making this investment,lots of scope for cutting costs in support and admin. services - already we've had contracting out of security and the start of a rundown of MOD Police and Fire cover- and of course that big pension surplus.