Construction and development company Skanska has signed an agreement to sell its 32% stake in LaGuardia Gateway Partners (LGP), the consortium responsible for the new Terminal B at LaGuardia Airport in New York, US.
A binding sale and purchase agreement has been signed with existing LGP partners Meridiam and Vantage Airport Group which will each acquire half of Skanska’s ownership in a deal worth $115m.
George Casey, chair and CEO of Vantage, said: “We have been glad to partner with Skanska on this ambitious project to successfully develop a new world-class Terminal B at LaGuardia.
“This transformative undertaking, one of the largest of its kind in U.S. transportation history, has benefited from Skanska’s 134-plus years of development and construction expertise.”
The $5.1bn terminal was completed in July 2022 by the LGP consortium including Skanska, Meridiam and Vantage as well as JLC Infrastructure in partnership with the Port Authority of New York and New Jersey.
As a result of the Skanska sale, Meridiam will own almost half of LGP, reaching a 48% stake in the company which remains responsible for investment, development and operation of the reconstructed 35-gate terminal.
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Casey thanked Skanska for its input to the project, which began construction in 2016, and added: “In partnership with the Port Authority of New York and New Jersey, Vantage will continue to steward Terminal B’s success with our additional ownership interest and continued management of this world-class airport terminal under our Management Services Agreement.”
While Skanska will no longer be involved in LaGuardia’s Terminal B operations, the company is still involved in several airport projects in the US and worldwide, including the expansion of Portland International in Oregon and the construction of a new transport hub at JFK International in New York.