The Airport Operator BAA has finally sealed the deal to sell LGW, to GIP, who own the majority of LCY. The £1.51 billion purchase fee is significantly less than the asking price however. The sale still remains subject to European Union merger regulation clearance and is due to be completed by the end of the year. BAA have said that the proceeds will be invested in its other UK airports, as well as helping to clear part of its huge debts.