TBI, the British group which owns Belfast International Airport and includes businessman Mr Dermot Desmond among its shareholders, has taken control of London Luton Airport at a cost of £82 million sterling (#128 million).

TBI is acquiring the 65 per cent share of London Luton held by various offshoots of Barclays Bank and this will take its stake in the airport to either 71.4 per cent or 90 per cent depending on whether American Bechtel exercises options.

Bechtel, which already owns 10 per cent of London Luton, has pre-emption rights which, if exercised, would take its stake in the airport to 28.6 per cent. London Luton is Britain's seventh-largest airport and served 5.5 million passengers in the year to the end of March 2000. Low-cost airline EasyJet is the biggest airline operating out of London Luton, although Ryanair carried more than 250,000 through the airport in the year to March 2000 on its flight to Dublin.