3i Infrastructure has pulled out of a bid to purchase Gatwick airport, according to reports. The infrastructure arm of the FTSE 100-listed private equity firm 3i is rumoured to have bowed out due to a lack of financing for the purchase.
BAA, Gatwick’s owner, is looking to sell the airport for 2bn. Reports suggest that 3i Infrastructure could not meet the asset’s price tag and have, therefore, dropped out of the bidding.
Last month, 3i said the value of its biggest investments had plunged by 21% due to the economic downturn. The firm’s shares also dropped to the lowest they have ever been since the company listed around 15 years ago.
D.C.