VINCI Airports is to acquire a 50.01% stake in London Gatwick Airport from Global Infrastructure Partners (GIP) for $3.68bn.

The remaining 49.99% will be managed by GIP.

Under the deal, VINCI will gain access to one of the largest metropolitan aviation markets in the world. The company already operates 45 airports in 12 countries.

Gatwick Airport links to 228 destinations in 74 countries and welcomes more than 46 million travellers per annum.

VINCI Airports said that the transaction fits with VINCI Concessions’ long-term investment plans.

“The whole VINCI Airports network will benefit from Gatwick Airport’s world-class management and operational excellence.”

VINCI Concessions CEO and VINCI Airports president Nicolas Notebaert said: “Creating synergies and sharing best practices being at the core of our values, the whole VINCI Airports network will benefit from Gatwick Airport’s world-class management and operational excellence, which has allowed it to deliver strong and steady growth in a very constrained environment.

“As Gatwick’s new industrial partner, VINCI Airports will support and encourage growth of traffic, operational efficiency and leverage its international expertise in the development of commercial activities to further improve passenger satisfaction and experience.”

The transaction is scheduled to complete in the first half of this year.

In the year ending 31 March 2018, Gatwick Airport Group recorded total revenue of £764.2m, with EBITDA of £411.2m.

VINCI Airports manages the development and operations of 45 airports across France, Portugal, the UK, Sweden, Serbia, Cambodia, Japan, the US, Dominican Republic, Costa Rica, Chile, and Brazil.