Slaughter and May advised Manchester Airport Group (M.A.G) on its successful bid to acquire Stansted Airport for £1.5 billion. The transaction is expected to complete by the end of February 2013.

As part of the acquisition, which was announced on 18 January 2013, Industry Funds Management (IFM) will become an investor in M.A.G with a 35.5% interest in the enlarged group.

The funds for the acquisition come from new equity raised from IFM, together with investment grade financing.

M.A.G is the largest UK-owned airport operator, serving 24 million passengers through its ownership and operation of Manchester, East Midlands and Bournemouth airports. It is owned by the ten local authorities of Greater Manchester. Stansted Airport is London's third busiest airport and the UK's fourth busiest airport.

Slaughter and May also advised Manchester City Council (MCC), the majority shareholder in M.A.G, on the acquisition and investment by IFM.
 
Contacts

For M.A.G: Corporate and Commercial: Frances Murphy (partner), Peter Brien (partner), Mark Thomas (associate), Susannah Macknay (associate), James Bridges (associate), Lomax Ward (associate); Private Equity: Jeff Twentyman (partner); Financing: Matthew Tobin (partner), Jamie Macpherson (associate), Oliver Storey (associate), Emily Veltman (associate); Competition: Isabel Taylor (partner), Christopher Graf (associate), Cleo Alliston (associate); Real Estate: Steven Edwards (partner), Oliver Moir (associate), Samantha Brady (associate); Tax: Gareth Miles (partner), Emma Game (associate); Pensions and Employment: Jonathan Fenn (partner), Eleanor Hart (associate); Outsourcing: Rob Sumroy (partner), Duncan Blaikie (associate), Charith Saranapala (associate)

For MCC: Corporate and Commercial: Andrew Jolly (partner), Tom Try (associate), Joe O'Sullivan (associate), Ross Davies (associate)

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