MANCHESTER Airports Group (MAG) has won the race against competitors Australia’s Macquarie and Malaysia Airports to buy Stansted Airport in Essex. for £1.5bn.
The acquisition is a major achievement for the Manchester Airport Group, owned jointly by Stockport and the other 9 Borough Councils in Greater Manchester. MAG sees the acquisition as an ideal opportunity for significant growth as they focus on turning around the fortunes of the airport which has seen passenger numbers fall.
MAG, which also owns Bournemouth and East Midland airports, expects the deal to be completed next month.
Manchester council leader Sir Richard Leese said: “MAG 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 council and the other local authority shareholders.”
Stansted was previously owned by BAA, owners of Heathrow, but was forced to sell by competition chiefs.