BAA to sell Edinburgh Airport and keep Glasgow Airport
UK's BAA, partly owned by Ferrovial, stated (19-Oct-2011) that following the UK Competition Commission’s decision requiring BAA to sell either Edinburgh or Glasgow Airport, it has decided to sell Edinburgh Airport. The airport could reportedly be sold for as much as GBP600 million. BAA is now commencing preparations for a sale and expects to formally approach the market in the new year with a view to agreeing a sale by summer 2012.
The company will retain Aberdeen Airport and Glasgow Airport. Edinburgh Airport MD Jim O'Sullivan stated that while the airport "will be sorry to leave BAA", the announcement "brings the clarification that many had been calling for", adding the airport is in an "extremely strong and healthy position". Glasgow Airport MD Amanda McMillan said: "Clearly we welcome today's announcement as it marks the end of what has been a prolonged period of uncertainty." [more - original PR - BAA] [more - original PR - Ferrovial] [more - original PR - Edinburgh Airport] [more - original PR - Glasgow] [more - original PR - Scottish Conservatives]
BAA: “Edinburgh is a great airport with a great team and a great future and we will be very sorry to see it leave BAA...Choosing which airport to sell has been a difficult decision. Edinburgh Airport has shown itself to be a strong and resilient asset throughout the economic downturn. Passenger numbers at Edinburgh have grown by more than 6% over the past year and in an uncertain market we expect it to be an attractive asset to prospective buyers. Glasgow Airport has great opportunities for future growth and development and we think BAA is well-placed to build on its recent success. Both airports are of national importance and have a bright future,” Colin Matthews, CEO. Source: Company statement, 19-Oct-2011.