M.A.G. announced the completion of its acquisition of Stansted Airport. As part of the transaction, Industry Funds Management (IFM) has taken a 35.5% equity interest in the enlarged group.
M.A.G has a detailed integration plan in place to ensure a seamless transition of ownership and operations at Stansted which will maintain business as usual for passengers and customers.
Charlie Cornish, Chief Executive of M.A.G, said: “We’re delighted to have added Stansted to our strong portfolio of UK airports. We aim to help fulfil its potential in the London market and bring more choice to its passengers in the years ahead. Today represents the achievement of a major strategic ambition for M.A.G and we look forward to working alongside staff, partners and stakeholders in ensuring the Group’s success.”
Christian Seymour, Head of Infrastructure, Europe, at IFM commented: “We are hugely pleased to complete the acquisition of our stake in M.A.G and Stansted. It is a landmark acquisition for IFM, deepening our footprint in the UK, and is the culmination of 18 months’ work developing a strong, long term partnership with M.A.G. We look forward to bringing our significant international expertise in the airport sector to the benefit of the group.”
The funds for the acquisition came from new equity raised from IFM, together with investment grade financing. All the existing shareholders’ equity has been maintained in the Group.
Sir Richard Leese, Leader of Manchester City Council, a M.A.G shareholder, said: "M.A.G is a key driver of jobs and growth in the North of England and the acquisition of Stansted will help us deliver maximum value for Manchester City Council and the other local authority shareholders. A larger, stronger M.A.G will benefit the whole region and we welcome confirmation that the acquisition has been completed."
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