UK News - Sources: U.K's Gatwick airport to be sold

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Sources: U.K's Gatwick airport to be sold

LONDON (UPI) -- Sources say London's Gatwick airport is being sold to the owners of London City airport for more than 1.5 billion pounds ($2.5 billion).

The sale to Global Infrastructure Partners was expected to be announced Wednesday. It would cap a negotiation process that lasted a year, the Financial Times said.

The Times of London said the new owners will not challenge Heathrow for mainstream commercial business but will instead position the facility as a location for low-cost carriers and flights serving package vacations.

Passenger volume at Gatwick was down more than 8 percent this year due to the recession, The Times said.

Copyright 2009 by United Press International

This news arrived on: 10/21/2009

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