- The transaction intends to establish a market valuation of BAA.
- Ferrovial will maintain its position as strategic partner and the largest shareholder.
- Ferrovial emphasizes its commitment as a long term investor in BAA.
Ferrovial has started a process for a possible sale of a minority stake in BAA Limited (BAA). Initially, the proposed transaction is to divest 10 per cent of the equity in FGP Topco, parent company of BAA. Ferrovial currently holds, indirectly, 55.87% of BAA, the rest of the equity being held by Britannia Airport Partners LP (26.48%) and GIC (17.65%).
Íñigo Meirás, Chief Executive Officer of Ferrovial, said: We have taken the decision to go to the market to sell a minority stake of BAAs capital, though the completion of any sale will depend on the offers received. The process that we have initiated is in line with our strategy to establish a market valuation of our assets. Heathrow is one of the best infrastructure assets in the world and its resilience has been proven by its performance in the current economic circumstances. We would like to underline that our commitment as a long term investor in BAA remains in place.
Ferrovial intends to use the proceeds of the transaction on other new infrastructure and services projects and to pay down corporate debt, as has been the case with proceeds from recent disposals.
A consortium formed by Ferrovial acquired BAA in the year 2006. BAA operates Heathrow and Stansted airports in London, Glasgow, Edinburgh and Aberdeen airports in Scotland, and Southampton airport in the south of England. It is estimated that BAA handles 1 million flights annually; around 110 million passengers use its airport premises every year. BAA provides services to 240 airlines and has 80,000 square meters of retail space. In addition, BAA has an investment programme of approximately 1 billion pounds per year.
Founded in 1952, Ferrovial is one of the world's leading infrastructure groups, operating through its airports, toll roads, construction and services divisions. It has a presence in over 45 countries and has some of the world's leading privately-owned infrastructure assets, such as 407 Express Toll Route in Toronto, London's Heathrow Airport, Chicago Skyway and Ausol toll road in Spain. Ferrovial is part of Spain's blue-chip IBEX-35 index and also of the prestigious DJSI and FTSE4Good sustainability indices.