NZ's Infratil to take full ownership of Glasgow Prestwick

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New Zealand-based infrastructure and utilities investment group Infratil is to take full ownership of Glasgow Prestwick International Airport in Scotland.

Infratil says in a statement that it has entered into a conditional purchase agreement to acquire Utilco Investment Trust’s 5 million shares in the airport’s holding company, Glasgow Prestwick Holdings, for £11.7 million ($20.7 million).

It has also agreed to acquire options held by Morrison & Co over 1.34 million of Infratil’s shares in the airport’s holding company.

Infratil early this week announced that it had increased its stake in Glasgow Prestwick to 77.3% from 67% through the purchase of shares held by Scottish investment company Omniport. Omniport was part of a consortium involving Infratil that bought the airport in January 2001.

Glasgow Prestwick International Airport is an important asset for Infratil. Moving to 100% ownership will enable Infratil to have greater control over strategy and costs, to implement changes to capital structure and to make greater use of the airport’s resources in pursuing other European airport initiatives,” says Infratil chairman Kevin O’Connor.

Infratil, which also holds a 66% stake in Wellington International Airport serving New Zealand’s capital city, says it expects to complete the purchase of the shares it does not already own in Glasgow Prestwick in March 2004.