Gatwick Airport picture by Flickr User Dan Taylor

Gatwick is being sold for £1.51 billion to London City Airport owner, US-based Global Infrastructure Partners. BAA announced its plans to sell Gatwick in September 2008, before the end of the Competition Commission’s UK airports market investigation. The agreement will lead to greater competition between airports serving London.

Chief executive Colin Matthews said: “BAA is changing and today’s announcement marks a new beginning for both Gatwick and BAA. We wish Gatwick well for the future and are confident that the airport will flourish under new ownership. BAA will focus on improving Heathrow and our other airports.”

The company, however; is appealing against the decision that’s ordered them to sell Stansted and one of Glasgow or Edinburgh airports.

The sale of Gatwick, which is subject to approval by the European Union, is due to be completed in December.