Ferrovial sells stake in BAA for 325 million euros to US funds

Spanish construction and services group Ferrovial said Monday it had reached an accord to sell a stake in its British airport operator unit BAA.

BAA is held through FGP Topco, in which Ferrovial holds a 55.87-percent interest. In a statement to the National Securities Commission (CNMV), Ferrovial said it would sell 5.88-percent of FGP to two funds controlled by New York-based Alinda Capital Partners for 280 million pounds (325 million euros).

The deal values BAA at 4.76 billion pounds. A consortium acquired the British operator in 2006 for 10.1 billion pounds but has subsequently sold off some of its assets ? including Gatwick airport ? under pressure from the anti-trust authorities.

After the sale, Ferrovial will hold 49.99 percent of BAA. The remaining shareholders are Britannia Airport Partners LP (26.48 percent) and GIC (17.65 percent).

Ferrovial said Chris Beale, a managing Partner of Alinda, will join the boards of FGP and BAA. The sale is unconditional and closing is expected to take place by the end of October.

"This sale is in line with our strategy to establish a market valuation of our assets," Ferrovial Chief Executive Íñigo Meirás said. "After this operation, we would like to underline that our commitment as a long-term investor in BAA remains in place."

Ferrovial will use the proceeds of the transaction on other new infrastructure and services projects.