Balfour Beatty has announced the sale of its stake in Exeter Airport to Patriot Aerospace, the aviation branch of Rigby Group Plc
It had been reported that the infrastructure giant had been seeking bidders for the 60 per cent stake in May, amid pessimism over future passenger numbers.
The carrying value of Balfour Beatty’s investment had been written down to nil in 2012, with proceeds from the sale being used to repay the funders.
Rigby Group is the parent company for a portfolio of privately owned businesses across Europe, the Middle East and North Africa.
Balfour Beatty chief executive Andrew McNaughton said: “We are pleased to have come to an arrangement with our JV partner and the funders that ensures the future viability of the airport for its staff and the local community it serves.”