GIP to snap up Edinburgh airport in £850m deal

Global Infrastructure Partners, the owner of Gatwick and City Airport, is ready to Edinburgh airport to acquire for about £ 850m.
The investment firm is in advanced talks to buy Scottish airport of Heathrow owner BAA and a deal could be announced as early as today, The Daily Telegraph has learned.

GIP, founded by former dealmakers from Credit Suisse and General Electric, is vying with a consortium led by JP Morgan infrastructure fund to the asset purchase.

Barring any eleventh hour hitch, City sources said GIP is now the clear "front runner" to win the game after the second and final round of bidding last Tuesday.

The airport will strengthen GIP's position as one of the leading airport owners in Britain. The investment company bought BAA Gatwick Airport three years ago for £ 1.5 billion.

JP Morgan's infrastructure fund was working with the Korean Incheon International Airport and TIAA-CREF, a major U.S. teachers' pension fund's bid for Edinburgh airport.
Sources claimed TIAA-CREF recently quit JP Morgan consortium, possibly weakening its tilt to the airport from the Scottish capital.

BAA, a division of the Spanish infrastructure company Ferrovial, has been forced to sell Edinburgh after regulators decided that it regularly to many of the UK market. The company was sentenced to off-load three of its airports.

Some of the other parties who looked at buying Edinburgh airport - which handled 9.5 million passengers last year, for about 40 airlines and serves more than 100 destinations - including private equity firms, Carlyle and 3i.

The private equity groups dropped out, apparently because of the high price of the asset was in command.

The price tag is considered impressive by analysts because the airport currently generates around £ 50m before interest, taxes, depreciation and amortization (EBITDA) on turnover of £ 110m.

But, unlike other airports, the price is not hindered by the "Regulatory Asset Base" or RAB is a proxy value for the assets held by the supervisor.

Meanwhile, experts say the price is not unreasonable in an environment where infrastructure assets are in hot demand
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