Qatar Holding to purchase 20% stake in BAA Ltd

Spain's Ferrovial, indirect holder of 49.99% of BAA, and Qatar Holding LLC announced (17-Aug-2012) the sale of a 10.62% stake of FGP Topco Ltd (the holding company of BAA) to Qatar Holding for GBP478 million (EUR607 million). As part of the same transaction, Britannia Airport Partners and GIC have also sold to Qatar Holding, in proportion to their holdings in FGP Topco, shares equivalent to 5.63% and 3.75% respectively, making Qatar Holding's total purchase of shares equal to 20%. These transactions were at the same price per share. The total value of the shares purchased is thus GBP900 million (EUR1.144 billion). The deal is conditional upon obtaining approval from the European Competition authorities, and is expected to be completed before the end of 2012. Ferrovial's indirect stake in BAA will be 39.37% as a result of this transaction. Qatar Holding will be a member of the boards of FGP Topco Ltd and BAA Ltd. Britannia Airport Partners LP, GIC and Alinda continue as shareholders. [more - original PR - Qatar Holding] [more - original PR - Ferrovial]

Qatar Holding: "Qatar Holding maintains its view that the United Kingdom remains an attractive investment destination and there is long-term fundamental strength in the British economy. This acquisition is a key element in our exposure to the infrastructure sector, and help to further diversify Qatar Holding global investment portfolio. Qatar Holding looks forward to working together with our fellow shareholders and the management team of BAA to enhance the company's industry leadership and create sustainable value." Source: Company statement, 17-Aug-2012.