Greenock

A MAJOR Scots Airport has been quietly sold as part of a huge £9.8billion deal.

Edinburgh^[1] Airport and major Scottish ports were acquired in the multi-billion-pound deal.

1

The airport will continue to be managed by its current owners following the saleCredit: Andrew Barr

Fund manager BlackRock purchased the owners of the major Scottish travel^[2] hub, Global Infrastructure Partners (GIP).

GIP manages $100bn of assets and holds a stake in Peel Ports, which owns ports in Glasgow^[3], Greenock, Hunterston, and Ardrossan.

It also owns London Gatwick Airport and London^[4] City Airport.

The deal is expected to be finalised near the end of the year.

business^[5] following the completed sale.

HSBC and JP Morgan were hired by GIP to orchestrate a sale of the Scottish capital’s aviation hub.

The company has owned the airport since 2012, when it bought it from BAA.

GIP explored the airport in 2016 but was deterred by investment connected to Brexit^[6] that year.

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Larry Fink, 71, BlackRock chairman, said. “Infrastructure is one of the most exciting long-term investment opportunities as a number of structural shifts reshape the global economy^[7].

It comes after Edinburgh West MP Christine Jardine raised concerns about the negative impact of the sale on the freeports scheme.

The Liberal-Democrat MP asked Levelling Up Secretary Michael Gove^[8] how the UK government will ensure this does not negatively impact the Forth Green Freeport.

Jardine was concerned the sale may reduce confidence in the Freeport following Ineos’s announcement to close its Grangemouth oil refinery.

References

1. ^{^} Edinburgh (www.thescottishsun.co.uk)
2. ^{^} Scottish travel (www.thescottishsun.co.uk)
3. ^{^} Glasgow (www.thescottishsun.co.uk)
4. ^{^} London (www.thescottishsun.co.uk)
5. ^{^} business (www.thescottishsun.co.uk)
6. ^{^} Brexit (www.thescottishsun.co.uk)
7. ^{^} economy (www.thescottishsun.co.uk)
8. ^{^} Michael Gove (www.thescottishsun.co.uk)