Seven councils in the West Midlands have given the green light to the sale of a major stake in Birmingham International Airport.
The local authorities, which own a 49% stake in the airport, agreed not to exercise their rights over the sale of a 48.25% stake held by Macquarie and Aer Rianta to the Ontario Teachers’ Pension Plan and the Victorian Funds Management Corporation.
The councils also pledged to work closely with the new shareholder to seek early implementation of runway extension plans, which will help boost passenger numbers.
‘On behalf of local business, I am delighted that in making this decision, the seven local authorities have demonstrated a real commitment to the long-term future of both the airport and region,’ said Birmingham Chamber of Commerce chief executive, Jerry Blackett.
‘With the share issue reaching conclusion, I’d now call on all parties concerned to really pull together and seek to deliver the proposed runway extension as soon as possible.’
Birmingham International Airport is the UK’s sixth-largest airport, supports more than 10,500 jobs, and has the highest proportion of business traffic second only to London’s Heathrow Airport.
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