Ferrovial considers selling down BAA stake
Ferrovial, owner of BAA, is reportedly in talks with investors to sell a 10% stake in the UK-based airport operator (Reuters/Bloomberg, 13-Jan-2011). The sale would be part of plans to pay down EUR20.5 billion of debt. Ferrovial owns 55.9% of BAA, which operates eight airports in the UK and Naples Airport in Italy. The 10% stake is estimated to be worth EUR200 million and Ferrovial is seeking to secure a deal by Jun-2011. CEO Inigo Meiras stated talks are mainly with infrastructure funds, sovereign wealth funds and pension funds, mostly from the US and the UK. BAA’s other major investors include Canada’s Britannia Airport Partners, with a 26.5% stake, and Singapore’s GIC Special Investments with a 17.6% stake.