AIG ‘to sell stake in London City Airport’
28.09.08
American International Group (AIG), the stricken US insurance company, has agreed to sell part of its minority interest in London City Airport to its joint-venture partner, the Sunday Telegraph reports.
The newspaper says that AIG will sell a 25 percent stake in the airport, the fastest-growing in Britain, for about £250 million to Global Infrastructure Partners (GIP). GIP is an investment fund whose shareholders are Credit Suisse and General Electric.
GIP and AIG Financial Products Corp, the arm of AIG which participated in the deal, paid just under £750 million for the airport in December 2006, since when passenger numbers have soared and profits have almost doubled. AIG, City Airport and GIP all declined to comment.
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