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Gatwick airport should get a new owner in the coming weeks as three bids went in today for London's second airport — though the process could yet be derailed if current operator BAA does not get the £1.5 billion it needs.
The Evening Standard revealed on Friday that each of the bids will contain plans to expand Gatwick and to start construction of a new second runway at the airport in 2019.
The sale, however, continues to be mired in uncertainty.
BAA's Spanish owner Ferrovial is being forced to sell Gatwick after an anti-monopoly investigation.
BAA was asking about £2.2 billion but is now expected to get only as £1.5 billion despite the provision of £1.25 billion of “stapled finance” being provided by sale advisers Royal Bank of Scotland and HSBC to smooth the deal.
The offers by consortia led Manchester Airport, Citigroup and Credit Suisse/General Electric could yet fall foul of regulators if the proposals are too reliant on debt.
