The airport has been bought by Lothian Shelf Limited, owned by investor Ann Gloag, who co-founded UK public transport operator the Stagecoach Group.
Lothian will pay £1 plus an adjustment for working capital variances and cash injected by Infratil between October 14 and transaction completion – which is expected to be around £350,000.
Completion and settlement of Manston will take place on November 29 or earlier at the purchaser’s request.
Ann Gloag, says: “I am delighted to have purchased Manston Airport from Infratil, as I believe there is real potential for growth that has not been fully captured.
“Having worked in the transport industry for over 30 years, I believe I am very well placed to help maximise opportunities for both freight and passengers at Manston.”
Last week Infratil proposed the sale of Glasgow Prestwick Airport to the Scottish government.
Manston has one runway and can serve one million passengers a year, but hopes to one day accommodate five million or more.
It also handles more than 30,000 tonnes of freight a year, but has the capacity to deliver 165,000 by 2018.