A consortium of Credit Suisse, GE Infrastructure and American International Group has acquired London City Airport.
Terms for the deal were not disclosed but media reports said that the consortium paid approximately €750 million ($942 million) to owner Dermot Desmond, an Irish billionaire.
Credit Suisse and GE Infrastructure, an investment arm of the GE Group, made the investment through a new infrastructure joint venture, Global Infrastructure Partners, American International Group through wholly-owned subsidiary, AIG-FP. The two groups will each own a 50 percent stake in the company.
Credit Suisse and Linklaters advised the buying consortium.
GE Infrastructure and Credit Suisse established Global Infrastructure Partners in May of this year to invest up to $1 billion in airports, gas pipelines and toll roads.
Based in the Royal Docks, near Canary Wharf, London City Airport predominantly serves business travelers to and from destinations in the UK and Europe. Established in 1987, the airport is the fifth largest in the UK after Heathrow, Gatwick, Stansted and Luton.
The transaction follows the Ferrovial Group of Spain’s acquisition of BAA, owner of Heathrow Airport, in a £10.1 billion deal earlier this year.