Gatwick Airport

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Gatwick is a major international airport in southeast England. It is the 2nd-busiest airport by total passenger traffic in the UK, after London Heathrow, and the 8th-busiest airport in Europe.
Gatwick has two terminals, the North Terminal and the South Terminal. It has one main runway; a 2nd is available but can only be used when the main runway is out of use, due to it being too close for safety.

Ownership

Consortium: Ivy Luxco I Sarl, OC, reg. Luxembourg Flag-Luxembourg.svg
Sources: Annual Report, Mar.2018, p.34

Structure

  • Ivy Guernsey Holdings LP, OC, reg. Guernsey Flag-Guernsey.svg
    • Ivy Topco Ltd, reg. Cayman Islands Flag-Cayman-Islands.svg + Ivy Luxco II Ltd, reg. Luxembourg OC Flag-Luxembourg.svg
      • Ivy Midco Ltd, holdco, CH
        • Ivy Holdco Ltd, holdco, CH
          • Gatwick Airport Ltd, airport owner and operator, CH
            • Gatwick Funding Ltd, financing company, OC, reg. Jersey Flag-Jersey.svg
            • Ivy Bidco Ltd, investment property holdco, CH
              • Gatwick Airport Pension Trustees Ltd, trustee for the Gatwick Airport Pension Plan, CH.
OC has no record of Ivy Topco Ltd in the Cayman Islands, only 2 x Ivy Topco Ltd, one in Jersey and one in Guernsey. ref. Also see AR-2017 p.88.

Timeline

  • Dec.2018: Gatwick Airport: it was announced that France's Vinci Airports was taking a controlling 50.01% stake in Gatwick.[1]
  • Dec.2010: The Australian govt's Future Fund (a sovereign wealth fund) purchased a 17.23% stake for £145mn. GIP's final stake was 41.95%.
  • Jun.2010: CalPERS (Californian State Pension Fund) acquired 12.78% for ~£104.8m.
  • Feb.2010: GIP sold 12.14% shares in Gatwick to the National Pension Service (Korea), and 15.90% to the Abu Dhabi Investment Authority.
  • Dec.2009: Gatwick was bought by Global Infrastructure Partners.
  • Dec.2009: Gatwick Airport Ltd: a GIP-led consortium acquired Gatwick Airport from BAA (owned by Ferrovial). The Competition Commission had ordered BAA to sell Gatwick, Stansted, and either Glasgow or Edinburgh airports.ref
  • Mar.2009: BAA (AH) Ltd was required to sell Gatwick and Stansted airports by the Competition Commission.
  • Oct.2008: ADI changed its name to BAA (AH) Ltd.
  • 2006: BAA plc was acquired by Airport Development and Investment Ltd (ADI), a consortium led by Grupo Ferrovial.
  • 1987: BAA plc was privatised and floated on the London Stock Exchange, as part of Margaret Thatcher's privatisaton program.
  • 1986: The British Airports Authority was dissolved, and all its holdings were passed to a new company, BAA plc.
  • 1965: The British Airports Authority was established and assumed ownership of Heathrow, Gatwick, Stansted and Prestwick airports.
  • 1933: Surrey Aero Club was granted its first public licence, allowing the airport to be used by commercial aircraft.
  • 1930: Surrey Aero Club was a small, enthusiast flying club.
  • 1920s: The land on which Gatwick Airport stands was first developed as an aerodrome.

Articles

  • Apr.15.2018: Gatwick airport investor mulls sale of 42% stake. Gatwick could be put up for sale imminently, with a price tag of up to £10bn. The biggest shareholder, Global Infrastructure Partners (GIP), has been debating the future of its 42% stake in the business. GIP has suggested it could sell the airport, or the investors could agree to extend the life of the fund in which the Gatwick stake is held. A third option would be to sell the holding to other shareholders, which include South Korea’s National Pension Service, the Abu Dhabi Investment Authority and CalPERS, a big American pension fund. British Airways owner IAG is believed to be open to selling some of Norwegian’s lucrative take-off and landing slots at Gatwick if it acquires the upstart airline, to appease competition regulators. IAG last week admitted it had taken a 4.6% stake in Norwegian and could launch a full takeover bid. The fast-growing airline has been undercutting BA with budget flights from Gatwick to New York. IAG is believed to have been amassing its stake for several months. Ben Harrington, John Collingridge, The Times.

References

  1. ^ Gatwick airport: majority stake sold to French group. Julia Kollewe, The Guardian, Dec.27.2018.