European Commission competition authorities on 18 March approved the purchase of a 50.01% stake in Gatwick Airport by Vinci Airports, paving the way for final completion of the deal in mid-2019.
The sale by Cayman Islands-registered Ivy Topco Ltd of the majority shareholding in Gatwick – announced in December 2018 – is worth about GBP2.9 billion (USD3.7 billion).
The Commission welcomed the deal, announcing in a statement that it would not “raise competition concerns, given the limited overlap between the trading activities of the merging parties”.
Vinci Airports only owns one other UK airport (Belfast International), but it is a major operator on the global stage with 12 airports in France, 10 in Portugal, five in the US, and others in Brazil, Cambodia, Chile, Costa Rica, the Dominican Republic, Japan, Serbia, and Sweden.
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