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Date: Tuesday 06 May 2008

LONDON (ShareCast) - Contractor Balfour Beatty has acquired a 95% stake in Blackpool International Airport through its Regional and City Airports division.

Balfour Beatty is paying £14m in cash to acquire the stake from Mar Properties, a large property developer based in Northern Ireland. The transaction is subject to the approval of Blackpool Borough Council, which owns the remaining 5% stake in the airport. The council is supportive of the transaction and expects to ratify it by 9 May.

Airline operators at Blackpool airport include Jet2.com, Ryanair and Manx2.com. The airport is expected to handle around 500,000 passengers this year travelling to 12 destinations in the UK, Ireland and mainland Europe.

“Blackpool International is a well-located airport with the potential to become a thriving international gateway to Lancashire and Cumbria,” said Balfour Beatty chief executive, Ian Tyler.

“We will work together with the airlines and our local partners to help increase its penetration within this core catchment area and to play its part in attracting inbound visitors to the region. We believe that our approach will deliver significant, sustained growth in passenger traffic at the airport and will generate important economic benefits for it and for Blackpool,” Tyler added.

The leader of Blackpool Borough Council, Councillor Peter Callow, described the acquisition as “great news for Blackpool.”

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