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17 October 2014, 06:11 | Updated: 17 October 2014, 06:27
Owners Heathrow Airport Holdings has agreed to sell Southampton, Glasgow and Aberdeen airports.
A consortium formed by Ferrovial and Macquarie is to pay just over £1b with the sale expected to be complete by early next year.
1.7 million passengers use Southampton which handles 40,000 flights a year.
There are also 1,200 jobs at the site including 185 airport employees.
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."
Dave Lees, Managing Director of Southampton Airport, added "Southampton Airport has undergone a number of ownership changes during its 100 plus year history. During this time it has continued to go from strength to strength, becoming a leading regional airport in the UK and Europe. The airport is widely recognised for its important role in the regional economy and for its award winning customer service.
I am convinced that under new ownership Southampton Airport has a positive future and we will be working together to ensure a smooth transition over the coming months."