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Written Statement - Cardiff Airport

The Rt Hon Carwyn Jones AM, First Minister of Wales

In December I announced that the Welsh Government had begun due diligence with a view to purchasing Cardiff Airport from its owners TBI.  That process has now been completed and earlier today the Welsh Government, via our Holding Company, acquired the share holding of Cardiff Airport.  

We will be directly investing approximately £52.0 Million to acquire the assets and operations of the Airport.

Members will understand that the timing of this announcement has been dictated by the demands of the due diligence and legal process.  It was vital that this work was carried out thoroughly and without undue pressures.  I am making this announcement at the earliest opportunity allowed by the commercial process and I thought it right to inform Members straightaway.  

The Minister for Economy, Science and Transport will make an Oral Statement to the Assembly immediately following recess.  We will in due course provide further detail of the due diligence process and the business case that has prepared the way for today’s transaction.

The Welsh Government is committed to developing a dynamic and forward-looking economic infrastructure for Wales.  Cardiff Airport presents an opportunity to develop a vital facility for businesses, tourists and the public more widely.  I trust that Members will support our ambition to boost the Welsh economy in this way.