Manchester Airport Holdings Limited, trading as MAG (originally Manchester Airports Group) is a holding company which is owned by the ten metropolitan borough councils of Greater Manchester, in North West England, and Australian investment fund IFM Investors. Founded in 2001 following the acquisition of East Midlands Airport, MAG is the largest UK-owned airport operator, following the purchase of BAA by Spain's Ferrovial Group in 2006. MAG owns three British airports, East Midlands and Manchester Airport (which is the busiest airport outside the London region), as well as London Stansted Airport. In the 2017/18 financial year, 58.9 million passengers used MAG airports.