January 18, 2013 / 9:21 PM / 5 years ago

Manchester Airports Group buys London's Stansted airport

LONDON (Reuters) - Manchester Airports Group (MAG) said on Friday it had agreed to buy London’s Stansted airport from Heathrow Airport Holdings for 1.5 billion pounds ($2.4 billion).

    As part of the transaction, Australian investment group Industry Funds Management will become an investor in MAG, invest new equity and take a 35.5 percent stake in the enlarged group, MAG said.

    Australia’s Macquarie (MQG.AX) and Malaysia Airports Holdings (MAHB.KL) had also been bidding for Stansted, sources close the matter told Reuters earlier this week.

    Reporting by Tim Castle

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