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Ferrovial sells 5.88% of BAA for EUR325m; Ferrovial stake in BAA falls below 50%

11-Oct-2011 9:55 AM

Spain's Ferrovial, indirect shareholder of 55.87% of BAA Ltd (BAA), reached (10-Oct-2011) an agreement with two investment vehicles managed by Alinda Capital Partners (Alinda) for the sale of a 5.88% stake in FGP Topco Ltd, parent company of BAA, for a price of GBP280 million (EUR325 million). Further to the sale, Ferrovial will hold an indirect stake of 49.99% in BAA, down from 55.87% prior to the sale.

"It's been a good sale at a great price but we don't plan to sell any more (of BAA) at the moment," Ferrovial said separately, with CEO Inigo Meiras telling The Guardian newspaper, "We would like to underline that our commitment as a long-term investor in BAA remains in place".

The remaining shareholders are Britannia Airport Partners LP (26.48%) and GIC (17.65%). Chris Beale, Managing Partner of Alinda, will join the board of FGP Topco Ltd and the board of BAA Ltd. The sale is unconditional and closing is expected to take place by the end of Oct-2011. Ferrovial will use the proceeds of the transaction on other new infrastructure and services projects. Following the sale, Ferrovial's accounts will show around EUR5.19 billion of debt against the current EUR19.75 billion with Mr Meiras noting that sale is "in line with our strategy to establish a market valuation of our assets.” [more - original PR] [more - original PR II]