Heathrow Airport Holdings Limited has agreed to sell its 100% interest in Aberdeen International Airport Limited, Glasgow Airport Limited and Southampton International Airport Limited to a consortium formed by Ferrovial and Macquarie for £1,048 million in cash and assumed debt, payable in full at closing. At closing, the sale consideration will be increased to compensate Heathrow for the time delay between today and the closing date. In addition, the sale is subject to EU merger regulation clearance.
John Holland-Kaye, Chief Executive of Heathrow, said:
“Aberdeen, Glasgow and Southampton airports and their people have been part of our company for a long time. They are great airports and we are proud of their achievements. We wish the new owners and our airport colleagues every success and are confident the airports will continue to flourish.
This sale enables us to focus on improving Heathrow for passengers and winning support for Heathrow expansion. Heathrow is the UK’s only hub airport, connecting the whole of the UK to the world and bringing economic benefits locally and nationally.“
The sale is expected to close no later than January 2015.