Contractor Ferrovial has agreed to sell a 5.88% stake in UK airports operator BAA to infrastructure firm Alinda Capital Partners for £280M, which will mean Ferrovial loses its majority share in BAA.
Ferrovial announced today that it would still be a “strategic partner” and that it retains its “commitment as a long term investor in BAA”. After the sale, Ferrovial will hold an indirect stake of 49.99% in BAA.
The remaining shareholders are Britannia Airport Partners LP (26.48%) and GIC (17.65%). Ferrovial said it will use the proceeds of the transaction on other new infrastructure and services projects.
The sale is expected to take place by the end of October.