Durham Tees Valley Airport in the UK is returning to public ownership after the local Tees Valley Authority reached terms with Peel Airports to acquire an 89% stake for GBP40 million (USD50.9 billion), using funds devolved from central government.
Chairman Robert Hough said that an “agreement in principle” has been made. He added that Peel intends to work “seamlessly … to ensure a smooth transition”.
If the deal is approved by the leaders of the five local councils comprising the Tees Valley Combined Authority, ownership of the airport will be transferred in early 2019. Tees Valley Mayor Ben Houchen said on 4 December that the change “will secure our airport’s long-term future”.
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