France's Vinci in US$3.7b swoop on UK's Gatwick
France's Vinci is taking advantage of a Brexit hit to UK asset prices to buy a majority stake in London Gatwick for US$3.7b, the construction company said Thursday. The deal to buy a 50.01% stake gives Vinci, which already runs 45 airports in 12 countries, access to the world's largest metropolitan aviation market. Vinci Airports president Nicolas Notebaert signalled uncertainty over Britain's departure from the EU next March had cut the price of buying into Gatwick, and forecast any hit to UK economic growth after Brexit was likely to be offset by a rise in tourism due to a weaker pound. "Just a few months ago we would not even have dreamed of being able to acquire an unlimited licence in the London airports system for less than 20 times core earnings," he said. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-12-28/general/frances-vinci-in-us-3-7b-swoop-on-uks-gatwick
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France's Vinci in US$3.7b swoop on UK's Gatwick
France's Vinci is taking advantage of a Brexit hit to UK asset prices to buy a majority stake in London Gatwick for US$3.7b, the construction company said Thursday. The deal to buy a 50.01% stake gives Vinci, which already runs 45 airports in 12 countries, access to the world's largest metropolitan aviation market. Vinci Airports president Nicolas Notebaert signalled uncertainty over Britain's departure from the EU next March had cut the price of buying into Gatwick, and forecast any hit to UK economic growth after Brexit was likely to be offset by a rise in tourism due to a weaker pound. "Just a few months ago we would not even have dreamed of being able to acquire an unlimited licence in the London airports system for less than 20 times core earnings," he said. <br/>
