Sooner the better ...
BAA has started sounding out bankers about a sale of Stansted Airport for more than £1bn, the Telegraph reports. The newspaper's 'sources' said BAA is preparing to carry out a beauty parade of investment banks at the end of the month, with a view to appointing one to carry out a sale of the airport next year.
The move comes as BAA weighs up whether it should seek a judicial review of the Competition Commissions's decision to force the company to sell Stansted and one of Scotland's two main airports, Edinburgh and Glasgow. In July, the Commission confirmed the decision, arguing ‘that passengers and airlines would benefit from greater competition with the airports under separate ownership’.
Previous reports suggested Stansted may sell for £1.2bn but BAA's regulated asset base is now £1.35bn. Gatwick sold for a discount on its regulated asset base, but its acquisition debt has since been refinanced to release a premium to its buyers.