UK - 3i-led consortium drops out of Gatwick bid

It is understood that the consortium was not prepared to match the asking price put up by Gatwick's Spanish owner Ferrovial, which analysts believe to be in the region of £2bn. The consortium has not disbanded but would need a material change in the asking price to return to the table.

The withdrawal leaves three confirmed bidders: Global Infrastructure Partners (GIP), which owns London City Airport; Deutsche Bank's RREEF Infrastructure, in partnership with Babcock & Brown; and Citigroup Infrastructure Investors, with Vancouver Airport Services and John Hancock Life Insurance Company, bidding jointly as Lysander Gatwick Investment Group.

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