I think the future is very bright for Prestwick, I have held that view for a long time

Tom Wilson, managing director

The other firm involved, Omniport PLC, is made up of Scottish business interests.

But the airport's managing director Tom Wilson said there would be no change for the 400 staff working at Prestwick.

"As far as the management and the employees at Prestwick are concerned it is business as usual," he told BBC Scotland.

"There will be no changes in the management structure of the airport itself or the employee base.

"I think the future is very bright for Prestwick, I have held that view for a long time."

He said an extra 200,000 passengers had travelled through the airport last year, taking the figure up to 900,000 for the year 2000.

Stagecoach's Brian Souter

Infratil chairman Kevin O'Connor said "From its current base we expect Prestwick to show sound earnings growth, given both the underlying prospects for further expansion in passenger and freight volumes and the scope for operating efficiencies."

Prestwick handles both freight and charter flights, including low-cost passenger airline Ryanair.

Stagecoach indicated last year that it wanted to concentrate on its bus and rail operations.

But aviation journalist Jim Ferguson said the speed of the deal had come as a shock to many.

"It is the speed of the final announcement that has taken a lot of people, myself included, by surprise," he told BBC Scotland.

Stagecoach says the sale will be immediately beneficial for the group.

Profits fall

It says the proceeds will be used to reduce group debt and support other business activities.

Last year Stagecoach reported a fall in first-half pre-tax profits, from �130.2m to �91.8m.

The UK Government has recently come under fire over delays in starting work on a new �400m air traffic control centre at Prestwick.

It was due to have opened last year, although no foundations have yet been laid and it is not due to come on stream until 2007.