Citi consortium submits late Gatwick bid

The failed Midway bidders have bid a day late for the UK’s Gatwick airport.

A consortium that failed to raise funds for a $2.5 billion bid for Chicago's Midway Airport has turned its attention to London’s Gatwick airport instead.

The group, known during the Chicago bid as MidCo comprised of Citi Infrastructure Investors, Vancouver Airport and John Hancock Life Insurance, submitted an offer late on Tuesday – a day after the deadline, according to a Dow Jones report.

Other bidders for the UK’s second largest airport include buyout firm Terra Firma; Global Infrastructure Partners; and a joint bid by Manchester Airports Group and Borealis Infrastructure.

Analysts said the bids were in the range of £1.3 billion (€1.7 billion; $1.9 billion) to £1.5 billion, well down on the £1.8 billion to £2 billion the airport’s owner, Ferrovial subsidiary BAA, expected when it announced it had been ordered to sell three of its seven UK airports by competition regulators last September.