Chicago Midway on Tuesday became the first big US airline hub to be put up for privatisation in a $2.5bn deal with a consortium, including Canada’s Vancouver airport.

The price was equivalent to more than 28 times earnings before interest, tax, depreciation and amortisation, making it one of the most highly valued global airport deals behind the record sale of Budapest airport to BAA of the UK in 2005. (Budapest was subsequently sold to Germany’s Hochtief).