Australia’s Future Fund buys Gatwick stake
21.12.10
Australia’s Future Fund has been granted clearance for its purchase of an equity stake in Gatwick Airport, the Financial Times reports. The Future Fund, a A$69bn (£44bn) sovereign wealth fund set up by the Australian government in 2006, will buy a 17.2 percent stake in Gatwick from Global Infrastructure Partners (GIP), the private equity group.
The £145m deal follows earlier sales of stakes in Gatwick by GIP to several other large state-backed investors, including the California Public Employees Retirement System, the Abu Dhabi Investment Authority and South Korea’s National Pension Service. GIP said the sale had concluded its equity syndication process for Gatwick, leaving it with a 42 percent stake. The four state-backed funds control the remainder, but the private equity group has extra voting rights to keep control of Gatwick’s board.
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