Australian firm Future Fund will buy a 17.2% stake in Gatwick Airport from Global Infrastructure Partners. Financial terms of the deal were not released. GIP said it will retain a 42% controlling stake. Other shareholders include the Abu Dhabi Investment Authority, National Pension Service of Korea and the California Public Employees’ Retirement System.
Global Infrastructure Partners (“GIP”), an independent $5.64 billion investment fund, announced today that it has reached agreement with the Future Fund of Australia for the Fund to take a 17.2% shareholding in Gatwick Airport (“Gatwick”) as part of GIP’s previously announced intention to sell down its Gatwick equity holding. This transaction concludes GIP’s equity syndication process of Gatwick with GIP retaining a 42% controlling stake. The other shareholders are the Abu Dhabi Investment Authority (“ADIA”), National Pension Service of Korea (“NPS”) and the California Public Employees’ Retirement System (“CalPERS”).
Adebayo Ogunlesi, Chairman and Managing Partner of GIP commented: “We are delighted to welcome the Future Fund as a shareholder at Gatwick. The successful conclusion of our syndication process to major global investors underlines the quality of our investment in Gatwick and the confidence that these investors have in our ability to deliver improved performance.”
Michael McGhee, the GIP Partner who led the acquisition of Gatwick and a Director at the airport, added: “We are making good progress in improving the passenger experience, efficiency and competitiveness of the airport. Completing the syndication process is a strong endorsement of this work.”
About Global Infrastructure Partners
GIP is an independent infrastructure fund that invests worldwide in infrastructure assets and businesses in both OECD and selected emerging market countries. GIP has offices in New York and London with an affiliate in Sydney and portfolio business operations headquarters in Stamford, Connecticut. For more information, visit www.global-infra.com.
About Future Fund
With approximately A$69 billion assets under management, the Future Fund is a financial asset fund established by the Future Fund Act 2006 to assist future Australian governments meet the cost of public sector superannuation liabilities by delivering investment returns on contributions to the Fund. For more information, visit http://www.futurefund.gov.au/
About Gatwick Airport
Gatwick is the UK’s second-largest airport and the world’s busiest single runway airport. It is currently handling approximately 32.5 million passengers a year through its two terminals, on a mix of short and long-haul scheduled, low-cost and charter services. The airport currently serves around 80 airlines flying to over 200 destinations.