Bridgepoint named as preferred bidder for Leeds Airport sale
05/04/2007
Bridgepoint has today been announced as the preferred bidder for the sale of Leeds Bradford International Airport, with Barclays Private Equity with Churchill Airports as the reserve bidder.
The final price for the airport is still subject to final bid confirmation. Both bidders will now be given six working days to confirm their bid price following the receipt of final vendor due diligence reports.
The announcement follows meetings involving all five West Yorkshire councils with shareholding interests in the airport, who reached a joint agreement on Wednesday evening.
The airport was formally advertised for sale in November 2006, and five bidders were selected to submit binding bids in early March.
Both companies have developed ambitious plans to sustain passenger growth and invest significantly in the airport over the next ten years, focusing on improving the airport’s customer facilities and infrastructure, expanding the route network and ensuring the airport can compete efficiently with other airports in the region.
A joint statement from the five West Yorkshire councils, said “This sale has proved to be a very competitive process at all stages and with very strong bids from both the preferred and reserve bidders, it is likely to remain so until the deal is completed in a few weeks time.’’
‘’ This is a very exciting opportunity and we are delighted to announce Bridgepoint as the preferred bidder at this stage. They have clearly demonstrated not just their financial standing and their plans for growing and developing the airport, but also their commitment to the region as a whole and the airport’s crucial part in its economy.”
Leeds and Bradford councils each own 40% of the airport with the remainder split equally between Kirklees, Wakefield and Calderdale. The airport will continue to remain under the planning control of Leeds City Council and all of the five west Yorkshire authorities will also retain a ‘special share’ in the company, protecting its name and continued operation as an international airport.
