Part owner of London City Airport sells off 50pct stake - Racks up a quick profit on the deal
The under-pressure American International Group (AIG) – the world’s largest insurer - has agreed to sell a 50% stake in London City Airport (LCY) to its joint venture partner, Global Infrastructure Partners (GIP). GIP and AIG Financial Products Corporation paid just under GBP750 million for the airport in Dec-06. The airport’s passenger numbers have increased significantly and profits have almost doubled since Dec-06.
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