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17-Oct-2014 9:45 AM

Heathrow Airport Holdings announces the sale of Aberdeen, Glasgow and Southampton airports

UK's Heathrow Airport Holdings Limited agreed (16-Oct-2014) 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 GBP1048 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 16-Oct-2014 and the closing date. In addition, the sale is subject to EU merger regulation clearance. The sale is expected to close no later than Jan-2015. The airports will continue to be managed locally following the sale. Heathrow CEO John Holland-Kaye 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." Ferrovial CEO Iñigo Meirás said: "As a long standing investor in the UK, we are aware of the importance of these airports for the population in their surrounding areas. The transaction proves how valuable these assets are for Ferrovial. We are committed to improve these facilities and their services looking to a better passenger experience and in order to grant access to further domestic and international destinations." [more - original PR]

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