Midway Airport Privatized In $2.5 Billion Deal

10/31/2008 05:12 am ET | Updated May 25, 2011

Mayor Richard Daley says the city has reached a landmark agreement to privatize Midway Airport for $2.521 billion.

The deal will net the city more than $1 billion, the mayor said.

The winning bidder was a consortium called Midway Investment & Development Corp., consisting of YVR Airport Services Ltd., an affiliate of the Vancouver Airport Authority, Citi Infrastructure Investors of New York and John Hancock Life Insurance Co. of Boston.

"As the first privatization of a major American airport, this transaction will provide unprecedented benefits for the traveling public, the airlines and the taxpayers of Chicago," said Mr. Daley in a statement.

Read more on Crain's Chicago Business

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