Manchester Airport Group (MAG), a UK based holding company that owns Manchester, East Midlands and Bournemouth Airports in the UK, will be making an official bid to acquire London Stansted Airport in the UK.
The company is interested in acquiring the airport in partnership with an Australian investment company, Industry Funds Management. London Stansted Airport, which is being sold by its owner, BAA Ltd, the owner and operator of six British airports including London Heathrow, is assessed to be worth around £1 billion.
MAG said that it would partner with an infrastructure specialist to try to buy Stansted.
Charlie Cornish, the chief executive officer of Manchester Airport Group, said, ‘Having conducted a strategic review of the group, we believe Stansted’s addition to MAG will generate shareholder value in combination with our existing airports in the north, south-west and Midlands markets.
MAG has a proven track record in running profitable, growing airports through its successful approach to customer service, retail, car parking, property management and aviation development, which would benefit passengers in the south-east.
IFM share our long-term investment vision and by moulding its financial strength alongside ours and with our strong background of airport management experience, we believe we can play a vital role in the successful growth of the British aviation industry and UK PLC.’
Ryanair, an Ireland-based low cost airline, has previously withdrawn its offer to acquire Stansted Airport, on being advised by BAA. The airline is the largest airline operating out of the airport, with around 70 percent of the current traffic.