www.Parctel.com: Bridgepoint has today been announced as the preferred bidder for the sale of 100% of the share capital in Leeds Bradford International Airport, with Barclays Private Equity with Churchill Airports, as the reserve bidder. Both bidders have been nominated subject to final bid confirmation.
The announcement follows meetings involving all five West Yorkshire councils with shareholding interests in the airport. A joint agreement was reached this evening.
Both the preferred and reserve bidder have developed ambitious plans to sustain passenger growth and invest significantly in the airport over the next ten years. Much of this will focus on improving the airport’s customer facilities and infrastructure, expanding the route network and ensuring the airport can compete efficiently with other airports in the region.
Both bidders will now be given six working days to confirm their bid price following the receipt of final vendor due diligence reports and other commercially sensitive contractual information.
A joint statement from the five West Yorkshire councils, said:
“This sale has proved to be a very competitive process at all stages and with very strong bids from both the preferred and reserve bidders, it is likely to remain so until the deal is completed in a few weeks time.’’
‘’ This is a very exciting opportunity and we are delighted to announce Bridgepoint as the preferred bidder at this stage. They have clearly demonstrated not just their financial standing and their plans for growing and developing the airport, but also their commitment to the region as a whole and the airport’s crucial part in its economy.”
“We’ve attracted a strong field of bidders and each bid was evaluated fairly. Both the preferred and reserve bidder have demonstrated positive and significant investment plans and we are confident that the chosen preferred and reserve bidder will be in the best position to continue the airport’s development as a successful international airport which will support the region’s increasing economic importance nationally and internationally.”
Leeds and Bradford councils each own 40% of the airport with the remainder split equally between Kirklees, Wakefield and Calderdale. The airport will continue to remain under the planning control of Leeds City Council and all of the five west Yorkshire authorities will also retain a ‘special share’ in the company.
The special share protects the name of the airport and its continued operation as an international airport.
The final price for the airport is still subject to final bid confirmation.
The joint statement concluded:
“Council officers have worked hard to make this sale a success and secure the best outcome for council tax payers and I know they are looking forward to working with the two bidders and bringing the sale to completion.”
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