Magic circle trio advise as London City Airport sold for £2bn
Firms line up as airport sold off after seven month bidding process, while Norton Rose wins a role on the airport's planning appeal
February 26, 2016 at 10:44 AM
2 minute read
Slaughter and May, Freshfields Bruckhaus Deringer and Linklaters have all won mandates advising on the sale of London City airport to a Canadian-led consortium of investors for £2bn.
The sale of the airport, which is owned by US private equity company Global Infrastructure Partners (GIP), was completed yesterday. It marks the end of a seven month bidding process that saw the Canadian consortium fend off rival bids from two Chinese groups.
Slaughters advised GIP on the sale of its 75% stake in City. Its London-based team was led on the deal by corporate partner Mark Horton alongside finance partner Philip Snell and tax partner William Watson.
In 2012, Horton also advised GIP on its £807m acquisition of the British Airport Authority's Edinburgh Airport.
Freshfields and Linklaters advised the Canadian consortium.
Freshfields took the lead on corporate matters with a team led by City corporate partner and energy co-head Laurie McFadden alongsihe the firm's co-head of infrastructure and transport Martin Nelson-Jones.
Linklaters advised on debt financing matters with a team in London led by infrastructure partner Ian Andrews and planning law partner David Watkins.
Originally, the firms were advising separate consortia before the bidders decided to combine forces in December last year.
Freshfields advised Ontario Teachers' Pension Plan Board and Wren House Infrastructure and others while Linklaters advised Alberta Investment Management Corporation, Borealis Infrastructure and others.
The combined group then opted to instruct both firms on the acquisition of City.
Both firms are also advising the consortium on the airport's existing £200m planning application to expand the airport, which was blocked by London Mayor Boris Johnson in March last year. Linklaters' Watkins is taking the lead role.
City is appealing against the refusal of planning permission and a public inquiry will start on 15 March 2016.
Norton Rose Fulbright is advising City Airport on the appeal with a team led by London planning head Duncan Field.
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