BAA sold Gatwick to Global Infrastructure Partners (GIP) today (see story) after the Competition Commission moved to break up its London airports monopoly last year.
Despite making £1.5bn from the sale, BAA is not best pleased at being strong-armed into losing one of its finest assets and is currently fighting the commission at the Competition Appeals Tribunal.
BAA claims that one of the commission’s members, Professor Peter Moizer, was conflicted by his role at the Greater Manchester Pension Fund, part of a consortium bidding for Gatwick.
Like a school playground scrap, it’s all rather bad-tempered and messy. But it is a veritable bonanza for law firms, which include Freshfields and Herbert Smith for BAA, Slaughter and May for GIP and A&O for the banks.
Here’s hoping they can celebrate their sterling work with a winter holiday in the south of France – via Gatwick of course! Buckle up.
Also on TheLawyer.com: Lehman’s UK legal bill hits £60m in first year; Dickie Dees senior partner takes in-house role at Middlesbrough FC’s parent; and Hammonds looks for German patents tie-up after Munich departures.