Global Infrastructure Partners, which owns Gatwick and London City airports, has formed a partnership with the owner of Charles de Gaulle airport and insurer Allianz to bid for Spain's Madrid and Barcelona airports.
The Spanish Government is selling a contract to run the airports for 20 years, with an extension option for a further five years as the government seeks to divest the airports' assets to reduce its budget deficit in a sale that could raise more than €5bn ($6.74bn).
The next round of bids is due by the end of October, according to The Sunday Times.
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