Vinci completes takeover of majority stake in Gatwick after £2.9bn deal

French group Vinci Airports has completed its takeover of a majority stake in London’s Gatwick, it said this morning, making it the world’s second largest airport operator.

The £2.9bn deal, which was announced in December, gives Vinci a 50.01 per cent stake in an airport used by 46m passengers every year.

Read more: Gatwick sold to French investors

It means Vinci’s 46 airports across 12 countries now process more than 240m passengers a year, the company said today.

Last year passenger figures at Gatwick, London’s second airport, grew by four per cent as it opened new routes.

“London Gatwick’s integration into the Vinci Airports network is an excellent outcome for both organisations. Our synergies will lead to further tangible benefits for employees, passengers and airlines,” said Vinci chief executive Nicolas Notebaert.

“The consolidation of a world-wide, industrial leader is also a positive step for the future of air transport. As a leader, Vinci Airports will help the sector to improve through its resilient, sustainable, innovative and customer-friendly airport network”.

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Gatwick will continue to be run by a management team with David Higgins, Stewart Wingate and Nick Dunn remaining as chairman, CEO and CFO respectively. However Vinci will install one of its own, Cedric Laurier, as chief technical officer.

The airport employs around 3,200 people with flights to 50 capital cities around the world.