MAG completes Stansted and IFM deals
MANCHESTER Airports Group has completed its £1.5bn takeover of Stansted Airport – a deal that sees Australian investor Industry Funds Management take a 35.5% stake in the enlarged group.
Charlie Cornish, chief executive of M.A.G, said: “We aim to help Stansted fulfil its potential in the London market and bring more choice to its passengers in the years ahead.
“Today represents the achievement of a major strategic ambition for M.A.G and we look forward to working alongside staff, partners and stakeholders in ensuring the group’s success.”
Christian Seymour, head of infrastructure, Europe, at IFM commented: “We are hugely pleased to complete the acquisition of our stake in MAG and Stansted. 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.”
MAG will now start integrating Stansted into the group, which also includes Manchester, East Midlands and Bournemouth Airports.
Top of the ‘to do list’ will be to arrest a fall in passenger numbers and improve the retail offer at Stansted.
Sir Richard Leese, leader of Manchester City Council, a major shareholder in MAG said: “A larger, stronger MAG will benefit the whole region and we welcome confirmation that the acquisition has been completed.”
