Manchester Airports Group is to buy Stansted Airport for £1.5 billion.
Heathrow Airport Holdings, formerly BAA, confirmed the sale of the UK’s fourth busiest airport on Friday.
It said the money would be paid in cash.
Heathrow chief executive Colin Matthews said: "Stansted Airport and its people have been part of our company for a long time. It has been named by passengers as ‘the world’s best airport for low-cost airlines’ for two consecutive years at the Skytrax World Airport Awards, and we are proud of its achievements.
"We wish the new owners every success and are confident the airport will continue to flourish. We will continue to focus on improving Heathrow, Glasgow, Aberdeen and Southampton airports."
The sale, which was forced upon Heathrow by the Competition Commission, is expected to close by the end of February.
Stansted handles approximately 17.5m passengers and 131,400 flights a year operated by 14 airlines to more than 150 destinations in 32 countries. Manchester Airport is the UK’s third largest airport.
The forecast cash balance for Stansted at the expected closing date of end February 2013 is £34.2 million.
Following the sale of Stansted, Heathrow Airport Holdings Limited will operate four airports: Heathrow, Southampton, Aberdeen, and Glasgow.
Manchester Airport is owned by Manchester Airports Group, which is a holding company in turn owned by the 10 borough councils of Greater Manchester.
