>> France's Vinci has announced it will buy a majority stake in the UK's Gatwick Airport for a whopping $3.7 billion taking advantage of Brexit's blow to UK's asset prices. Vinci are investing despite uncertainty on how Britain's departure from the EU at the end of March will impact travel.
But its shares were up 0.6% early on Thursday. Gatwick's chief executive has welcomed the merger, saying travel at the UK's second busiest airport will run as smoothly as possible for the rest of the festive season. Gatwick made unwelcome headlines last week, when drone sightings meant more than 100,000 travelers were hit by flight delays over the Christmas period.
The deal is expected to close by June, and will give the French group a 50.01% stake in the airport, making it the single largest asset in Vinci's network. In the year to March 2018, Gatwick reported revenue of 764 million pounds, and handles around 46 million passengers annually. Once the deal goes through, the construction group will have 46 airports across 12 different countries.