UK's Heathrow Airport Holdings Limited announced (18-Jan-2013) that it has agreed to sell its 100% interest in Stansted Airport Limited to Manchester Airports Group (MAG) for GBP1,500 million in cash, payable in full at closing. Heathrow CEO Colin Matthews said: "We wish the new owners every success and are confident the airport will continue to flourish. We will continue to focus on improving Heathrow, Glasgow, Aberdeen and Southampton airports". The sale is expected to close by the end of Feb-2013. Meanwhile, MAG welcomed (18-Jan-2013) Industry Funds Management (IFM) as a strategic investor in MAG as part of the transaction. MAG also noted that the purchase price of GBP1.5 billion for Stansted "represents an acquisition multiple of 15.6x 2012 EBITDA which compares favourably with similar airport transactions in the UK and reflects Stansted’s significant growth potential." MAG said it has a detailed integration plan in place to ensure a seamless transition of ownership and operations at Stansted which will maintain business as usual for passengers and customers. J.P. Morgan Cazenove acted as financial adviser and RBS as debt adviser to MAG. Gleacher Shacklock LLP acted as financial adviser to IFM. [more - original PR - Heathrow] [more - original PR - M.A.G.]
Heathrow Airport announces sale of Stansted Airport to Manchester Airports Group for GBP1.5b
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