The £1.5 billion takeover of Stansted by Manchester Airport Group was finalised today with a promise of providing more choice to London-area passengers.

Global investment group Industry Funds Management (IFM) has taken a 35.5% equity interest in the enlarged group as part of the deal.

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

MAG said it had a “detailed integration plan” in place to ensure a seamless transition of ownership from Heathrow Holdings and operations at Stansted which will maintain “business as usual” for passengers and customers.

Chief executive Charlie Cornish said: “We’re delighted to have added Stansted to our strong portfolio of UK airports.

“We aim to help fulfil its potential in the London market and bring more choice to its passengers in the years ahead.

“Today represents the achievement of a major strategic ambition for MAG and we look forward to working alongside staff, partners and stakeholders in ensuring the Group’s success.”

IFM head of infrastructure Europe Christian Seymour added: “We are hugely pleased to complete the acquisition of our stake in MAG and Stansted.
“It is a landmark acquisition for IFM, deepening our footprint in the UK, and is the culmination of 18 months’ work developing a strong, long term partnership with MAG. We look forward to bringing our significant international expertise in the airport sector to the benefit of the group.”