Glasgow airport has been sold to a Spanish and Australian consortium for more than £1bn.
The airport owner, Heathrow Airport Holdings has agreed to sell the Airport as well as Aberdeen and Southampton Airports.
The three airports have been sold to a consortium formed by Spanish-based Ferrovial and Australia-based Macquarie for a total of £1.048bn.
The sale is subject to EU regulation and the consideration will be increased to compensate Heathrow for a time delay to the closing date.
John Holland-Kaye, Chief Executive of Heathrow, said: “Aberdeen, Glasgow and Southampton airports and their people have been part of our company for a long time. They are great airports and we are proud of their achievements. We wish the new owners and our airport colleagues every success and are confident the airports will continue to flourish.
This sale enables us to focus on improving Heathrow for passengers and winning support for Heathrow expansion. Heathrow is the UK’s only hub airport, connecting the whole of the UK to the world and bringing economic benefits locally and nationally.”
Amanda McMillan, managing director of Glasgow Airport, added: “Clearly this is a landmark day for Glasgow Airport and whilst we will be sorry to leave the Heathrow group, we do so knowing we’re in an extremely strong position. We have benefited from considerable investment in recent years and have achieved a great deal of success in securing new routes and growing passenger numbers.
“Together with my team, I am looking forward to working with Ferrovial and Macquarie to further develop our airport and ensure it continues to deliver for Glasgow and Scotland.”
The sale is expected to close no later than January 2015.