Gatwick Finally sold!
Gatwick is to be sold to the owners of London City Airport.
This story was also on BBC Breakfast news this morning.
LONDON, Oct 21 (Reuters) - British airports operator BAA, controlled by Spain's Ferrovial has agreed to sell Gatwick airport to Global Infrastructure Partners for 1.5 billion pounds ($2.46 billion), the Financial Times said.
The deal is expected to be announced early on Wednesday, before the market opens, the paper said, citing people close to the matter.
The Competition Commission approved the details of the sale late on Tuesday, the paper said, citing people familiar with the matter, although it added that one source said the deal could still fall through.
A spokesperson for BAA was not immediately available for comment when contacted by Reuters.
Global Infrastructure Fund, backed by Credit Suisse and General Electric, owns 75 percent of London City airport, the paper said.
On Tuesday, Ferrovial chairman Rafael del Pino said the company was in advanced talks with more than one interested party, and the deal was expected to complete within the next few weeks.