London  - British airports operators BAA unveiled a deal Wednesday for the sale of London's Gatwick airport to a US-based investment fund for 1.5 billion pounds (2.4 billion dollars).

The agreement with Global Infrastructure Partners (GIP) comes a year after BAA's Spanish owner Ferrovial put Gatwick up for sale, following competition concerns about the operator's market dominance.

GIP already owns a majority share in London's City airport. Gatwick, south of London, is the British capital's second-biggest airport after Heathrow.

"BAA is changing and today's announcement marks a new beginning for both Gatwick and BAA," said Colin Matthews, BAA chief executive.

He said that BAA would now focus on improving Heathrow and its other airports. The sale of Gatwick, which is subject to approval by the European Union (EU), is due to be completed in December.(dpa)