News / Scotland to buy back Glasgow airport from Infratil

Scotland to buy back Glasgow airport from Infratil

🕔 October 10, 2013
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New Zealand-based investment company, Infratil, has announced that it has entered into negotiations to sell back Glasgow Prestwick Airport to the Scottish government.

The Scottish Government has notified Infratil of its intention to acquire the airport by 20 November 2013, after six weeks of negotiations and due diligence. To provide comfort to the Scottish Government during this process, Infratil has confirmed that it will try to "procure the continued operation of Glasgow Prestwick Airport in the ordinary course of business consistent with the manner in which it has been operated in the last 12 months until, at least, that date".

Infratil said in a statement there has been an exchange of letters with the Scottish government.

In March 2012 Infratil announced its intention to sell its two UK airports, Glasgow Prestwick Airport and Manston Kent Airport. On 15 May 2013, Infratil announced that it had written down the value of both airports to GBP11 million. Infratil does not now expect any transaction completed for Glasgow Prestwick Airport or Manston Kent Airport to give rise to material proceeds.

"The divestment process for Manston Kent Airport is on-going, and Infratil remains committed to exiting this investment in the near term," Infratil said.

Traffic in Glasgow Prestwick Airport decreased from 3 million passenger a year in 2007 to 1.5 million passengers a year according to Infratil's website. The airport operated at a loss from 2009 to 2011. See financial data.

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