Heathrow Airport Holdings (HAH) has sold Aberdeen International Airport, Glasgow Airport and Southampton International Airport for £1.04bn in cash and assumed debt.
A consortium formed by Spain-based Ferrovial and Australian company Macquarie has acquired 100% stake in the three airports. The sale is expected to be closed in January subject to clearance from the EU.
HAH said that the sale consideration will be increased at the closing of the deal to compensate for the time delay. Ferrovial partially owns Heathrow airport and has a 25% stake in HAH.
Commenting on the transaction, Heathrow CEO John Holland-Kaye said: "Aberdeen, Glasgow and Southampton airports and their people have been part of our company for a long time.
"This sale enables us to focus on improving Heathrow for passengers and winning support for Heathrow expansion. Heathrow is the UK's only hub airport, connecting the whole of the UK to the world and bringing economic benefits locally and nationally."
Aberdeen Airport is claimed to the world's busiest commercial heliport, transporting more than 500,000 passengers for the North Sea oil and gas industry. The airport records over three million passengers and 118,000 aircraft movements a year.
Glasgow Airport has more than seven million passengers travelling annually with 80,000 aircraft movements from 30 airlines.
Southampton Airport has 15 airlines operating from its hub to transport nearly two million passengers a year.
Ferrovial CEO Iñigo Meirás said: "As a long-standing investor in the UK, we are aware of the importance of these airports for the population in their surrounding areas.
"The transaction proves how valuable these assets are for Ferrovial. We are committed to improve these facilities and their services looking to a better passenger experience and in order to grant access to further domestic and international destinations."
Previously named the British Airports Authority, HAH owned seven airports but sold Gatwick, Edinburgh, Stansted in the past to comply with Competition Commission's directive.
Image: Heathrow Airport Holdings (HAH) has sold Aberdeen, Glasgow and Southampton Airports for £1.04bn. Photo: courtesy of Heathrow Airport.