Leeds Bradford International airport is to undergo a £70m redevelopment after being sold to private equity house Bridgepoint for £145.5m. Daily Telegraph

Bridgepoint beat Barclays Private Equity to the airport after paying the equivalent of 30 times the airport’s current £4.85m earnings before interest, tax, depreciation and amortisation. In 2005/06, net profit was just £571,000.

The five West Yorkshire councils that owned the airport will share sale proceeds and Leeds and Bradford, which have 40% stakes, will be the biggest beneficiaries.