BAA eyeing up major banks as Gatwick sale advisors
October 2, 2008BAA (website: www.baa.com) wants HSBC and the Royal Bank of Scotland to be advisors as it prepares to sell Gatwick Airport.
According to Bloomberg, four sources have said that the airport operator has approached the major banks.
BAA revealed on September 17 that it would sell Gatwick following a report from the Competition Commission which called for the breakup of the organisation's monopoly of UK airports.
The sources refused to be named because an announcement is yet to be made. However, it is thought that a formal agreement could be signed later this week.
Steven Fernandez, an analyst at Exane BNP Paribas, believes that BAA could get £3 billion for Gatwick.
He told Bloomberg: "The process is moving along and (BAA's owner) Ferrovial is certainly committed to selling as long as they can get a good price. There's a lot of interest in airports and credit for infrastructure assets is still open, albeit at a more expensive rate."
BAA spokesman Malcolm Robertson told the news agency that the firm has not yet appointed any advisors for the sale of the London airport.
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