UNQUOTE

UK - 3i-led consortium to bid for Gatwick

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According to reports, a consortium led by 3i and two Canadian pension funds is among at least five groups set to present their non-binding offers to Ferrovial for Gatwick airport, with analysts suggesting that the airport could be valued at ТЃ2bn.

Other groups include one led by Deutsche Bank and Babcock & Brown; another involving Citigroup infrastructure fund, Vancouver airport and private investor John Hancock; a fourth led by Manchester airport, Virgin Airlines, Borealis and Goldman Sachs; and another led by General Electric and Credit Suisse, which already owns London City Airport.

Ferrovial is to provide a £1.6bn vendor loan to support the sale. The amount would include £1.1bn to finance the payment to Ferrovial and another £500m to invest in airport facilities over the next few years. Royal Bank of Scotland and HSBC, which are advising Ferrovial, are thought to be underwriting this sum, alongside Caja Madrid, Société Générale, ING, Mediobanca y HSH.

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