LONDON -- Airports operator Heathrow Airport Holdings Ltd. said it will sell London Stansted Airport to Manchester Airports Group for £1.5 billion ($2.4 billion).

The deal, which the company unveiled Friday, means that the operator, formerly called BAA, will be responsible for just four U.K. airports compared with its original seven.

London Stansted is Britain's fourth-busiest airport after London Heathrow, London Gatwick and Manchester.

"Stansted Airport and its people have been part of our company for a long time," said Heathrow Chief Executive Colin Matthews.

"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," he said.

"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," Mr. Matthews said.

The sale is expected to close by the end of February.

Heathrow Airport Holdings is owned by a consortium including Spain's Ferrovial SA (FRRVY, FER.MC).