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UK’s Terra Firma to bid for BAA’s Gatwick - report

Private equity house Terra Firma plans to lodge a bid for UK airports operator BAA’s London’s Gatwick Airport, Spanish newspaper El Pais reported on Saturday without citing a source.

Separately, El Pais cited sources close to the bidding process as saying that The Lysander Gatwick Investment Group is the favorite of the three original bidders for the airport, which is valued at up to £2 billion ($2.93 billion). No one at BAA’s owner - Spanish construction and services group Ferrovial - was available to comment on the report.

The Lysander Gatwick Investment Group comprises Citi Infrastructure Partners, Vancouver Airport Services and John Hancock Life Insurance Company.

It is competing against Global Infrastructure Partners (GIP), a joint venture between General Electric and Credit Suisse, which owns London City Airport and a consortium consisting of Manchester Airports Group, Borealis and Greater Manchester Pension Fund.

The deadline for bids for Gatwick has been set for Monday. (Reuters)