Global Infrastructure Partners (GIP), an independent $5.64 billion investment fund, has completed the agreement with BAA Airports Limited to acquire London Gatwick Airport. GIP invested through Ivy Bidco Limited (“Bidco”), a limited liability company registered in England, established for the purposes of making the acquisition. Bidco will pay a cash consideration of £1,455 million for the entire share capital of Gatwick Airport Limited on a cash-free, debt-free basis. Bidco has also agreed to make certain additional payments of up to £55 million on a deferred basis, contingent on certain defined targets relating to passenger volume and future capital structure being achieved.
In October 2008, Global Infrastructure Partners (GIP) acquired the 50% ownership in London City Airport (LCY) that it did not already own. After giving effect to the sale of a portion of this incremental ownership, GIP now owns a 75% interest in LCY.
Adebayo Ogunlesi, Chairman and Managing Partner of GIP commented: “The acquisition of Gatwick is a landmark deal for GIP and adds another quality asset to our portfolio. We see significant scope to apply both our strong operational focus and our knowledge of the airports sector to make Gatwick an airport of choice.”
Global Infrastructure Partners is Joint Venture between Credit Suisse and GE launched in May 2006 to invest in global infrastructure assets. Ogunlesi , see interview on Sky TV, is also a Senior Advisor at Credit Suisse.
Prior to his current role, Ogunlesi was Executive Vice Chairman and Chief Client Officer of the Investment Banking division of Credit Suisse, and was a member of both the Investment Banking Management Committee and the Management Council of the bank. He also chaired the Chairman’s Board of the Investment Banking division. Prior to that, Mr. Ogunlesi was the Global Head of Investment Banking for Credit Suisse First Boston (CSFB).
Over the course of this 23 year career at Credit Suisse, Mr. Ogunlesi has advised clients on strategic transactions and financings in a broad range of industries and has worked on transactions in North and South America, the Caribbean, Europe, the Middle East, Africa and Asia. Prior to joining the Firm, Mr. Ogunlesi was an attorney in the corporate practice group of the New York law firm of Cravath, Swaine & Moore. From 1980-81 he served as a law clerk to Associate Justice Thurgood Marshall of the United States Supreme Court.
Mr. Ogunlesi received his B.A. with the first class honors from Oxford University, his J.D.magna cum laude from Harvard Law School and his M.B.A. from the Harvard Business School. He is a member of the District of Columbia Bar Association. He was a lecturer at Harvard Law School and the Yale School of Organization and Management, where he taught a course on transnational investment projects in emerging countries.