AIG-led consortium buys London City Airport for undisclosed sum

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AIG-led consortium buys London City Airport for undisclosed sum

by Forbes.com - Oct 11,2006

LONDON (AFX) - London City Airport has confirmed that it has been bought by a consortium led by US insurance giant American International Group for an undisclosed fee.

The consortium, which also involves Credit Suisse Group and GE Infrastructure joint venture Global Infrastructure Partners, bought the airport from Irish billionaire Dermot Desmond.

A release from London City Airport said that the deal 'reflects confidence in the airports development potential as exemplified in the Master Plan published earlier this year.'

It added that 'the consortium will work with the existing Airport management to 'maximise and develop the future value of the airport.'

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