Allen & Overy (A&O), Slaughter and May and Freshfields Bruckhaus Deringer have taken lead roles on airport operator BAA's £1.5bn sale of Gatwick airport to Global Infrastructure Partners (GIP).

Slaughters took the lead role for GIP, acting opposite Freshfields on the acquisition, which was agreed last night (20 October).

Slaughters fielded a team led by corporate partner Mark Horton for the investment fund, which also owns London City Airport.

A&O advised a consortium of 12 banks providing financing to GIP on the transaction. London infrastructure partner Conrad Andersen headed up the team for the banks, which were led by JPMorgan and Credit Suisse and also included BayernLB, Banco Espirito Santo, Calyon, Grupo Santander, HSBC, Royal Bank of Canada, Royal Bank of Scotland, SMBC, Societe Generale and WestLB.

Freshfields was appointed by BAA to advise on corporate aspects relating to the sale of Gatwick last October, when BAA formally announced its plans to sell the UK's second-largest airport.

M&A partner Laurie McFadden is leading the Freshfields team on the deal, which is due to complete in December. Proceeds of the sale will primarily be used to repay part of BAA's existing debt.

Freshfields and Herbert Smith have been battling for the lead advisory role to BAA since Ferrovial's £10.3bn takeover of the company in 2006. Herbert Smith was the historic adviser to BAA while Freshfields advised Ferrovial on the acquisition.

While Freshfields was named as BAA's corporate adviser last year, Herbert Smith is advising the company on real estate aspects of the sale with partner Julian Pollock leading the firm's team, assisted by Shona Grey.