MAG completes Stansted purchase
MAG (Manchester Airport Group) has completed its acquisition of Stansted Airport.
As part of the transaction, Industry Funds Management (IFM) has taken a 35.5 per cent equity stake in the enlarged group, which also owns East Midlands Airport.
MAG said a detailed integration plan will ensure a seamless transition of ownership and operations at Stansted.
Charlie Cornish, MAG chief executive, said: "We aim to help fulfil its potential in the London market and bring more choice to its passengers in the years ahead."
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He said it represented the achievement of a major strategic ambition for MAG.
Christian Seymour, head of infrastructure, Europe, at IFM added: "It is a landmark acquisition for IFM, deepening our footprint in the UK, and is the culmination of 18 months' work developing a strong, long term partnership with MAG.
"We look forward to bringing our significant international expertise in the airport sector to the benefit of the group."
The funds for the acquisition came from new equity raised from IFM, together with investment grade financing.
All the existing shareholders' equity has been maintained in the group.
Sir Richard Leese, chairman of MAG and leader of Manchester City Council, said a larger, stronger MAG will benefit the whole region.