VINCI Airports now owns majority shareholding in London Gatwick airport

VINCI Airports now owns majority shareholding in London Gatwick airport

(PRESS RELEASE) RUEIL-MALMAISON CEDEX, 14-May-2019 — /EuropaWire/ — VINCI Airports completes the acquisition of a majority shareholding (50.01%) in London Gatwick airport. The airport is a freehold property and the UK’s second-largest airport. The transaction fits perfectly into the VINCI Concessions long-term investment strategy and London Gatwick airport is an asset with substantial growth potential.

VINCI Airports becomes the world’s second-largest airport operator following this transaction. With over 240 million passengers a year including 46 million at London Gatwick. VINCI Airports now operates the world’s largest and most diversified airport network, with 46 airports in 12 countries. This international outreach puts VINCI Airports in an optimal position to capture the growing demand for air transport worldwide.

VINCI Airports’ expertise will enable London Gatwick to further progress in quality of service and airport management. At the same time, London Gatwick’s experience, particularly in areas such as operational efficiency and aircraft queuing management will be shared with the whole VINCI Airports network as part of its permanent improvement strategy. London Gatwick’s 3,200 employees will also have access to broader professional opportunities, as part of a global network operating on three continents. Operationally, the transaction generates strong industrial synergies.

London Gatwick recorded 4% growth in passenger numbers in the first quarter of 2019. London Gatwick now serves 50 capital cities around the world with the opening of new routes.

“London Gatwick’s integration into the VINCI Airports network is an excellent outcome for both organisations. Our synergies will lead to further tangible benefits for employees, passengers and airlines. The consolidation of a world-wide, industrial leader is also a positive step for the future of air transport. As a leader, VINCI Airports will help the sector to improve through its resilient, sustainable, innovative and customer-friendly airport network,” comments Nicolas Notebaert, CEO of VINCI Concessions and President of VINCI Airports.

The governance of London Gatwick will be largely based on continuity: Sir David Higgins, Stewart Wingate and Nick Dunn will remain, respectively as Chairman, CEO and CFO of the airport, and will be joined by Cédric Laurier, from VINCI Airports, as CTO (Chief Technical Officer).

For VINCI Airports and Global Infrastructure Partners (GIP) – which manages the remaining 49.99% of London Gatwick – the closing of the transaction represents an ideal opportunity to express their shared vision for the future development of London Gatwick (“Putting passengers first”).

The VINCI Group has financed the transaction by borrowing and in particular by the sterling bond issue launched in March 2019.

SOURCE: VINCI Airports