Spanish construction and services group Ferrovial has agreed to sell 8.65 percent of Heathrow Airports Holding (HAH) to the British pension fund Universities Superannuation Scheme for 392 million pounds, equivalent to 463 million euros.
In a statement released Tuesday, Ferrovial said the transaction is expected to be completed on Thursday. After the sale, Ferrovial’s indirect stake in HAH through the holding company FGP Topco will be 25 percent.
"This sale of a stake in HAH is a further part of Ferrovial’s investment diversification strategy. Following this deal, we reiterate our role in HAH as the main shareholder and industrial partner in the long term,” Ferrovial CEO Íñigo Meirás said.
Ferrovial said the proceeds from the sale will increase its ability to undertake infrastructure and services projects as part of its international expansion strategy.
A consortium including Ferrovial acquired BAA, now renamed as HAH, in June 2006. HAH owns the airports of London Heathrow, Glasgow, Aberdeen and Southampton. In the first six months of this year, the airports handled 40.2 million passengers.