Heathrow Airport Holdings has agreed to sell Aberdeen, Glasgow and Southampton airports for more than GBP1 billion.
The three airports have been sold to a consortium formed by Spanish-based Ferrovial and Australia-based Macquarie for GBP1.048 billion in cash and assumed debt.
The sale is subject to EU merger regulation clearance and the consideration will be increased to compensate Heathrow for a time delay to the closing date.
The sale is expected to close no later than January 2015.
John Holland-Kaye, chief executive of Heathrow, said: “Aberdeen, Glasgow and Southampton airports and their people have been part of our company for a long time. They are great airports and we are proud of their achievements. We wish the new owners and our airport colleagues every success and are confident the airports will continue to flourish.
“This sale enables us to focus on improving Heathrow for passengers and winning support for Heathrow expansion. Heathrow is the UK’s only hub airport, connecting the whole of the UK to the world and bringing economic benefits locally and nationally.”
Once the sale is closed Heathrow Airport Holdings will only operate Heathrow Airport.
Aberdeen International Airport serves 3.4 million passengers a year driven by the gas and oil sectors, while Glasgow Airport carries 7.4 million passengers annually. Southampton International Airport has around 1.7 million travellers a year.