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Airports

Vinci seals its deal for Gatwick

14 May 2019
Vinci has completed its GBP2.9 million deal for a majority stake in Gatwick Airport (pictured is an EasyJet aircraft landing on the single runway in September 2018). Source: Getty Images/Rich Higgins

Vinci Airports on 14 May completed its GBP2.9 billion (USD3.7 billion) acquisition of a majority stake in Gatwick Airport.

The deal to buy 50.01% of Gatwick from Global Infrastructure Partners (GIP) – via Cayman Islands-registered Ivy Topco Ltd – was announced in December 2018 and approved by the European Commission in March. GIP retains a 49.99% share, which includes management of a 9.99% stake held by the California Public Employees’ Retirement System, a US pension fund.

Vinci Airports President Nicolas Notebaert pledged to keep passenger satisfaction “at the heart of everything we do”, while Gatwick CEO Stewart Wingate said the new ownership structure will help his team to remain focused on “developing longer-term plans to grow our airport”.

Gatwick is one of the busiest single-runway airports in the world, with 283,926 takeoffs and landings in 2018. Since GIP acquired the airport in October 2009, passenger traffic increased from 32.39 million to 46.07 million in 2018, which was helped by operational efficiency improvements and more than GBP2 billion of infrastructure investment.

The airport flies to more destinations than Heathrow and has developed its long-haul network to include more than 60 destinations in an attempt to compete with its London rival Heathrow.

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To contact the author of this article, email Ben.Vogel@ihsmarkit.com


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