SOUTHAMPTON Airport is being sold in a deal worth more than £1bn.

Heathrow Airport Holdings has agreed the deal with a consortium formed by Ferrovial and Macquarie for £1.048 billion in cash and assumed debt.

It is part of a larger deal which includes the sale of Aberdeen and Glasgow airports as well.

Dave Lees, managing director of Southampton Airport, said he was confident the change in ownership would not affect any services.

He said: “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.”

Meanwhile John Holland-Kaye, chief executive of Heathrow, said the sale was necessary to focus on plans to expand the major London airport.

He 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."

As reported by the Daily Echo, Ferrovial and its partners entered into talks over Southampton Airport in August.

The deal is subject to EU merger regulation clearance and should be completed by January 2015.