NEW YORK, NY – Vantage Airport Group (Vantage), a leading global airport investment, development, and management company, has reached agreement to acquire an additional ownership interest in LaGuardia Gateway Partners (LGP) from Skanska, which is divesting its 32% ownership of LGP. Vantage will acquire approximately 16% of Skanska’s interest for USD $57 million. The transaction is conditional on regulatory approvals and customary terms and conditions.
LGP is the private consortium, comprised of Vantage, Skanska, Meridiam and JLC Infrastructure, that was selected by the Port Authority of New York and New Jersey to finance, develop, and manage the new LaGuardia Terminal B, a $5.1 billion, 35-gate terminal which was completed in July 2022 and in 2023 was named World’s Best New Airport Terminal by Skytrax’ global ranking organization and became the first airport terminal in North America to earn Skytrax’ prestigious 5 Star ranking.
“We have been glad to partner with Skanska on this ambitious project to successfully develop a new world-class Terminal B at LaGuardia. This transformative undertaking, one of the largest of its kind in U.S. transportation history, has benefited from Skanska’s 134-plus years of development and construction expertise,” said George Casey, Chair & CEO, Vantage Airport Group. “We thank the team at Skanska for their contributions. In partnership with the Port Authority of New York and New Jersey, Vantage will continue to steward Terminal B’s success with our additional ownership interest and continued management of this world-class airport terminal under our Management Services Agreement.”