London's second largest airport Gatwick was yesterday sold by Airports group BAA for ?1.5 Billion. While the price is 25% less than what was initially expected, it was confirmed by sources that the deal would have no effect on the two year timeframe that was earlier given to the BAA to also sell Stansted and either Edinburgh or Glasgow airports.

Gatwick was put up for sale by Ferrovial last year post a CC inquiry which said that the company should work towards reducing its UK airport portfolio. This was, however, a decision which was initially disputed at the tribunal on the basis of alleged bias and disproportionality.

In a statement, GIP spokesperson said that the company aimed at putting an end to Gatwick's reputation as a "poor relation of Heathrow" by putting in some serious efforts and improving customer service manifolds.

Gatwick has been purchased by the US based Global Infrastructure Partners (GIP). BAA has earlier this year reported a debt of ?9.7 billion and plans to pay back some of it with the sale.

Post the sale, there have been speculations that the GIP might try for a second runway at the airport, a move that is currently prohibited till 2019.