AIG lead consortium complete acquisition of London City Airport
AIG Financial Products Corp, a wholly owned subsidiary of American International Group (AIG), and Global Infrastructure Partners (GIP), the infrastructure joint venture between Credit Suisse and GE Infrastructure, announced yesterday that they have completed the acquisition of 100% of the share capital of the company that owns and operates the business known as London City Airport. AIG-FP and GIP now each own 50% of the equity interest of the company that owns the airport.
This transaction was originally announced on October 11, 2006, and completion had remained subject to merger clearance by the European Commission. The European Commission granted its merger approval on November 23, 2006. The financial terms of the transaction have not been disclosed, but press reports suggest a purchase price of £750m.
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