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Construction & Property

Balfour Beatty makes airport bid

Article Date:  May 06 2008 Mark Dunne

An engineering, construction and investment group is to add a second airport to its business after agreeing a £14 million deal. Balfour Beatty is to buy a majority shareholding in Blackpool International Airport in an all-cash transaction.

The group will own 95 per cent of the business with its airport investment and development division, Regional and City Airports, having reached an agreement with Northern Irish developer Mar Properties.

Balfour Beatty chief executive Ian Tyler says the group is buying the airport due to its potential. He adds: 'Our aim is to develop Blackpool to be the airport of choice for residents, businesses and visitors to Lancashire and Cumbria.'

The transaction is subject to approval from Blackpool Borough Council, the airport’s remaining minority shareholder. Balfour Beatty’s board expect to receive approval by 9 May.

Blackpool Council leader Peter Callow claims that Balfour Beatty has exciting plans for the airport’s future. He says: 'Clearly it has the contacts and capacity to deliver these aspirations, which should mean growth for the area and more jobs for local people.'

This will be Balfour Beatty’s second airport acquisition in less than 18 months, after it bought Exeter International Airport for £60 million in January last year.

Blackpool International Airport flies 12 routes around the UK, Ireland, Isle of Man and Europe. Its clients include Jet2.com, Ryanair and Manx2.com.

Balfour Beatty employs some 35,000 people servicing projects including hospitals, roads, railways, water supply systems, schools and the power generation and transmission market. Its construction projects have included work at airports including Heathrow, Edinburgh, Dubai and Miami.

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