by Trevor Sturgess

One of England's biggest airports has been sold to an American company by its Spanish owners.

The sale of Gatwick Airport by operator BAA to Global Infrastructure Partners (GIP) has been formally completed in a deal worth £1.51bn.

BAA, itself owned by a consortium led by Grupo Ferrovial, agreed to sell the airport after pressure from the Competition Commission over concerns about its market domination.

BAA also owns Heathrow, Stansted, Glasgow, Southampton, Edinburgh and Aberdeen airports. Gatwick’s sale to the United States-based investment fund was first announced in October.

In a statement, BAA said: “Further to the announcement by BAA on the 21st October 2009, reporting the £1.51 billion sale of Gatwick Airport to an entity controlled by Global Infrastructure Partners, the company today confirms that the sale has formally completed.”

GIP invests worldwide in major infrastructure assets, including airports, ports, rail freight, power and utilities, natural resources, water distribution and treatment, and waste management. It has offices in London, New York, Hong Kong and Sydney with a head office in Stamford, Connecticut.

It already holds a 75 per cent stake in London City Airport, with investments in Biffa, the waste management company, and Great Yarmouth Port Company.

Gatwick opened in 1958 and is the UK’s second-largest airport after Heathrow. It is also the world’s busiest single runway airport, although there are long-term plans to build a second runway.

It handles some 33 million passengers a year through its North and South terminals and is used by around 80 airlines serving more than 200 destinations. It employs about 2,500 people.