BAA owner Ferrovial has reached an agreement with two investment vehicles managed by Alinda Capital Partners for the sale of a 5.88 per cent stake in the airport operator.
The stake is presently controlled by Ferrovial-owned BAA parent company FGP Topco and will change hands for £280 million.
Following to the sale, Ferrovial will hold an indirect stake of 49.99 per cent in BAA.
As a result, debt liabilities from BAA will be removed from the Spanish builder’s balance sheet.
Debt at the company following the deal fell to €5.19 billion compared to €19.75 billion previously, significantly boosting the value of Ferrovial.
Shares in the firm were up over seven per cent on markets at the close of trading last night.
Íñigo Meirás, chief executive officer of Ferrovial, said: “This sale 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.
“After this operation, we would like to underline our commitment as a long term investor in BAA remains in place.”
The remaining shareholders are Britannia Airport Partners (26.48 per cent) and GIC (17.65 per cent).
Chris Beale, managing partner of Alinda, will join the board of FGP Topco and the board of BAA.
The sale is unconditional and closing is expected to take place by the end of October.
History of BAA
A consortium formed by Ferrovial acquired BAA in 2006.
BAA operates Heathrow and Stansted airports in London, Glasgow, Edinburgh and Aberdeen airports in Scotland, and Southampton airport in the south of England.
However, it is in the process of disposing of one of its Scottish airports with the sale almost certain to be followed by that of Stansted.