LawFuel.com – Slaughter and May advised Manchester Airport Group (M.A.G) on the financing for its acquisition of Stansted Airport. As part of the acquisition, which completed on 28 February, Industry Funds Management (IFM) has taken a 35.5% interest in the enlarged group.
The funds for the acquisition come from investment grade financing, consisting of a £900 million term loan and a £300 million revolving credit facility provided by a syndicate of thirteen institutions. The acquisition was also funded by new equity raised from IFM.
M.A.G is the largest UK-owned airport operator, serving 24 million passengers through its ownership and operation of Manchester, East Midlands and Bournemouth airports. Stansted Airport is London’s third busiest airport and the UK’s fourth busiest airport.
Slaughter and May also advised M.A.G. on the corporate aspects of the acquisition and Manchester City Council (MCC), the majority shareholder in M.A.G, on the acquisition and investment by IFM.