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GIP – Sale of airport stake in the UK

France’s Vinci Airports has agreed to buy a 50.01% stake in Gatwick Airport for a GBP 2.9bn equity price, a deal that it said gives the asset an enterprise value of 19 to 20 times EBITDA. The agreed purchase, from Global Infrastructure Partners (GIP) and co-investors, comes after GIP initiated a sale process for its 42% stake earlier this year. The other current shareholders in Gatwick are Abu Dhabi Investment Authority and GIP co-investors CalPERS, National Pension Service of Korea and the Future Fund.