GIP gets EU approval for Gatwick

Private equity fund Global Infrastructure Partners, controlled by Credit Suisse and General Electric, won permission from the European Commission yesterday to buy London's Gatwick Airport. Spain's Grupo Ferrovial, under pressure to reduce its dominance of UK airports, has agreed to sell Gatwick for a smaller-than-expected £1.51bn. The Commission, the executive arm of the 27-nation European Union, said in a statement that the deal would not hamper competition.