Mergers & Acquisitions

Acquisition of 100% of Glasgow Prestwick International Airport

In January 2001, a consortium led by Morrison & Co/Infratil acquired 100% of the Scottish regional airport Glasgow Prestwick International Airport. This transaction proceeded on the basis of exclusive negotiations with the former owner, Stagecoach Holdings.

Morrison & Co was responsible for:

• the preparation of the business plan;
• the valuation of the company; and
• the financing of the purchase price.

Morrison & Co is now in charge of transition management and the implementation of the business plan. To date, this has entailed significant improvements to the airport's commercial operations, in particular retail, airline development and retail and trading.

Morrison & Co has also been active in marketing and promoting the airport's aviation related property development opportunities and has been successful in attracting Ryanair's new European aircraft maintenance facility that will commence operation in late 2003 with the opening of a two bay Boeing 737-800 maintenance hangar. This will further build on Glasgow Prestwick's aerospace industries including the Boeing 747 maintenance facility recently opened for Polar Air cargo.