The French owner of Luton airport has agreed to sell its minority stake in Britain’s fifth largest airport to an Australian investment company.
Ardian, which purchased its 49% stake in 2013 for £445m, is understood to have agreed the deal last week with AMP Capital, an Australian group that recently acquired Leeds/Bradford airport.
A source close to the deal said that the concession’s total value was about £1bn including debt, based on the earnings multiple paid. Luton airport reported underlying earnings of nearly £54m in 2016.
