Manchester Airport buys Stansted for £1.5bn

[mhm]

The airport was put up for sale in August after BAA, which is owned by Spanish group Ferrovial, was forced by competition regulator to sell off assets increase competition.

MAG's Australian partner, Industry Funds Management (IFM), will become a strategic investor in the UK airport group as part of the transaction, owning 35.5pc of the company. MAG also owns East Midlands and Bournemouth airports and IFM owns investments in nine airports across Australia, including five major state capital city airports.

MAG said that the price represents an acquisition multiple of 15.6 times 2012 earnings before interest, tax, depreciation and amortisation (EBITDA) and was in line with similar airport transactions in the UK. Edinburgh Airport was recently sold on a multiple of 16 times EBITDA and Portugal's ANA airport was sold for 15 times.
http://www.telegraph.co.uk/finance/newsbysector/transport/9812650/Manchester-Airport-buys-Stansted-for-1.5bn.html