The new owner of the island airport terminal will be Nieuport Aviation Infrastructure Partners GP, a consortium of investors — including Larry Tanenbaum, chairman of Maple Leaf Sports & Entertainment Ltd., which owns the Toronto Maple Leafs and Toronto Raptors.
Porter Airlines plans to maintain and enhance its service at the airport in coming years, company officials said.
Robert Deluce, president and CEO of Porter Aviation Holdings, said the sale would help his company focus on its core airline business.
"Nieuport Aviation is a seasoned airport operator that will deliver exceptional service at the terminal and help build on the existing overall superior travel experience for passengers," he said.
Deluce previously stated he plans to expand Porter Airlines, which flies to 19 destinations in eastern Canada and the U.S. The proceeds of the terminal sale will reportedly help fund that expansion.
Billy Bishop is the ninth busiest airport in Canada, serving 2.4 million passengers in 2014.
The sale price of the terminal has not been disclosed, but is reported to be upwards of $750 million.