Airport for sale
15.12.11
Durham Tees Valley Airport has been put up for sale. Majority shareholder Peel Airports has announced it wants to sell its stake as the airport ‘no longer fits within the company's strategic plans for its portfolio of airports’.
Peel Airports owns 75% of Durham Tees Valley Airport. Six local authorities have owned the remaining 25% since 2003, although Peel recently announced that it would convert its loans into shares. It the councils do not contribute £4.3 million during this process, Peel's shareholding will increase to 89.2% and the councils to 10.8%.
Peel has appointed PricewaterhouseCoopers to seek a buyer for its shares and to oversee any sale process. The airport will continue to operate as normal during the process for passengers due to travel over the coming weeks and employees based at the hub.
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