BAA agrees Gatwick sale by Cheap Flights Booker UK

Airport operator BAA has announced an agreement to sell its 100% interest in London Gatwick to Global Infrastructure Partners.
The companies agreed on a price of £1.51bn, £55m of which will be conditional on future traffic performance at Gatwick and the buyer"s capital structure.
BAA will use the proceeds from the sale to repay some of its debt.
The operator was ordered by the Competition Commission (CC) in March this year to sell Gatwick, Stansted and either Edinburgh or Glasgow airports to reduce its domination over the UK aviation network.
BAA stressed that it had already announced plans to sell Gatwick in September 2008, before the CC concluded its investigation into Britain"s airports market.
Colin Matthews, chief executive of the company, said: "BAA is changing and today"s announcement marks a new beginning for both Gatwick and BAA. We wish Gatwick well for the future and are confident that the airport will flourish under new ownership.
"BAA will focus on improving Heathrow and our other airports."
The sale is set to be completed in December this year.
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