PARIS, May 14 (Reuters) - French construction and transport concession group Vinci on Tuesday formally completed its previously announced 2.9 billion pounds ($3.8 billion) takeover of a majority stake in London’s Gatwick airport.
The transaction was first announced last December, as Vinci took advantage of a Brexit-related hit to UK asset prices to buy the 50.01% stake in Gatwick, which is Britain’s second-busiest airport after Heathrow.
“London Gatwick’s integration into the Vinci Airports network is an excellent outcome for both organisations. Our synergies will lead to further tangible benefits for employees, passengers and airlines,” said Vinci Airports President Nicolas Notebaert in a statement.
The acquisition gives Vinci, which already runs 45 airports in 12 countries, access to the world’s largest metropolitan aviation market.
$1 = 0.7718 pounds Reporting by Sudip Kar-Gupta, Editing by Sherry Jacob-Phillips