Edinburgh Airport Bids Deadline Extended - Sources

April 10, 2012

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Ferrovial-owned BAA will extend the bid deadline for its sale of Edinburgh Airport beyond the end of this week to give one of the bidders more time, according to sources close to the sale process.

Global Infrastructure Partners (GIP) - an investment fund founded by Credit Suisse and General Electric, which owns London's Gatwick and City airports - and a JP Morgan-led consortium are to fight each other for control of the Scottish airport.

They were due to submit final bids by the end of this week.

The deadline will be extended to allow JP Morgan, which recently added the Korean airport authority and US teachers pension fund TIAA-CREF to its consortium, to complete its bid, the sources said.

"It is expected to be extended by a week or so... while the JP Morgan group completes its bid," one of the sources said.

BAA last year chose to sell Edinburgh Airport after Britain's Competition Commission ordered it to dispose of one of its Scottish airports. It is expected to fetch around GBP£500 million (USD$793 million).

(Reuters)