Chicago said it received a $2.521 billion winning bid to lease Midway International Airport for 99 years to Midway Investment and Development Company, a consortium of Citi Infrastructure Investors, YVR Airport Services Ltd. and John Hancock Life Insurance Co.

Paving the way to what would be the first privatization of a major United States airport, YVR is jointly owned by the Vancouver Airport Authority and the Citi unit, and operates 18 other airports on three continents. Elements of the deal are subject to approval by the Chicago City Council, the Federal Aviation Administration, the Transportation Security Administration and most of Midway's airlines.