Bidders for London’s Gatwick Airport, which current owner BAA is being forced to sell, may struggle to get financing in place.
When Irish entrepreneur Dermot Desmond decided to sell London City Airport in 2006 he was inundated with roughly 80 expressions of interest. He sold the airport to Global Infrastructure Partners and AIG for £750 million in a deal voted one of the most overpriced sponsor acquisitions of the year by a subsequent industry poll. The unregulated airport was financed using leverage of 14 times ebitda.
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