Gatwick Airport sale deal unveiled

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The agreement with US-based investment fund Global Infrastructure Partners (GIP) comes a year after BAA's Spanish owner Ferrovial put Gatwick up for sale, amid competition concerns about the operator's market dominance.

BAA is currently involved in an appeal against a ruling by the Competition Commission that it should sell three of its airports - Gatwick and Stansted and one of either Edinburgh or Glasgow.

It said that proceeds will be used to repay part of its debt pile, which stood at £9.6 billion at the end of June.

Andy Flower, managing director of Gatwick Airport, said: "Today's announcement is a landmark day for the airport, our staff, airlines and business partners, members of the local community and of course, the 34 million passengers who choose to fly through Gatwick each year.

"We now look forward to working with Global Infrastructure Partners to maximise the potential of Gatwick."

Shadow transport secretary Theresa Villiers said: "We have long been calling for the break-up of BAA's monopoly over so much airport capacity in south east England so we welcome progress in taking that forward.

"However, it is vital that the new owners strive to improve the service customers receive and also work with local communities to minimise the airport's environmental impact."

A British Airways spokesman said: "It is regulation not ownership that matters. We want to see Gatwick run as efficiently as possible while maintaining the highest levels of customer service for passengers and airlines. We look forward to working with the new owners."