Glasgow, Aberdeen and Southampton airports sold

Heathrow parent company Heathrow Airport Holdings has sold Aberdeen, Glasgow and Southampton Airports to a consortium formed by Ferrovial and Macquaire for £1.05 billion.

The money will be paid in cash and assumed debt, payable in full at the close of the deal.

The offer is £200 million more than Ferrovial is believed to have offered Heathrow for the three airports in February.

The sale leaves Heathrow Airport Holdings, of which Ferrovial is a 25% stakeholder, with only London’s premier international hub.

The deal, which is subject to EU merger regulation clearance, is expected to close no later than January. In the meantime, the airports will continue to be managed by HAL.

After the sale, they will be managed locally.

Iñigo Meirs, CEO, of Spanish group Ferrovial, said: "As a long standing investor in the UK, we are aware of the importance of these airports for the population in their surrounding areas. The transaction proves how valuable these assets are for Ferrovial.

"We are committed to improve these facilities and their services looking to a better passenger experience and in order to grant access to further domestic and international destinations."

Edward Beckley, European head of Macquarie Infrastructure and Real Assets, said: "As the world’s leading infrastructure asset manager, Macquarie has a long and successful track record of investing in and developing airports around the world.

"We look forward to working with these airports over the long-term to support route growth and enhance the passenger experience for the communities they serve."

Sir Peter Mason, chairman of Thames Water and former CEO of AMEC plc, will be appointed as chairman of the group on completion of the deal.

At closing, the sale consideration will be increased to compensate Heathrow for the time delay between today and the closing date.

Heathrow chief executive John Holland-Kaye said: "Aberdeen, Glasgow and Southampton airports and their people have been part of our company for a long time. They are great airports and we are proud of their achievements.

"We wish the new owners and our airport colleagues every success and are confident the airports will continue to flourish.

"This sale enables us to focus on improving Heathrow for passengers and winning support for Heathrow expansion. Heathrow is the UK’s only hub airport, connecting the whole of the UK to the world and bringing economic benefits locally and nationally."

Managing director of Southampton Airport Dave Lees added: "Southampton Airport has undergone a number of ownership changes during its 100 plus year history. During this time it has continued to go from strength to strength, becoming a leading regional airport in the UK and Europe.

"The airport is widely recognised for its important role in the regional economy and for its award winning customer service.

"I am convinced that under new ownership Southampton Airport has a positive future and we will be working together to ensure a smooth transition over the coming months."

Heathrow parent company Heathrow Airport Holdings has sold Aberdeen, Glasgow and Southampton Airports to a consortium formed by Ferrovial and Macquaire for £1.05 billion.

The money will be paid in cash and assumed debt, payable in full at the close of the deal.

The deal, which is subject to EU merger regulation clearance, is expected to close no later than January.

At closing, the sale consideration will be increased to compensate Heathrow for the time delay between today and the closing date.

Heathrow chief executive John Holland-Kaye said: "Aberdeen, Glasgow and Southampton airports and their people have been part of our company for a long time. They are great airports and we are proud of their achievements.

"We wish the new owners and our airport colleagues every success and are confident the airports will continue to flourish.

"This sale enables us to focus on improving Heathrow for passengers and winning support for Heathrow expansion. Heathrow is the UK’s only hub airport, connecting the whole of the UK to the world and bringing economic benefits locally and nationally."

Managing director of Southampton Airport Dave Lees added: "Southampton Airport has undergone a number of ownership changes during its 100 plus year history. During this time it has continued to go from strength to strength, becoming a leading regional airport in the UK and Europe.

"The airport is widely recognised for its important role in the regional economy and for its award winning customer service.

"I am convinced that under new ownership Southampton Airport has a positive future and we will be working together to ensure a smooth transition over the coming months."