MADRID--Spanish infrastructure and construction company
Ferrovial SA (FER.MC) said Friday that Qatar Holding LLC has agreed
to buy a 20% stake in U.K. airport operator BAA Ltd. for 900
million pounds ($1.41 billion).
Ferrovial said in a filing with Spain's financial regulator that
Qatar Holding will buy shares in BAA's holding company, which is
controlled by Ferrovial and two other partners--Britannia Airport
Partners LP, controlled by Canada's Caisse de depot et placement du
Quebec, and Singapore's GIC Special Investments.
As a result, Ferrovial will sell 10.62% of BAA's holding company
FGP Topco Ltd. to Qatar Holding LLC for GBP478 million.
Britannia Airport Partners and GIC have also agreed to sell to
Qatar Holding 5.63% and 3.75% of the holding company, respectively,
at the same price, making Qatar Holding's total purchase of shares
equal to 20%.
Ferrovial's indirect stake in BAA will drop to 39.37% from 50%
as a result of the transaction, which still requires regulatory
clearance.
Qatar Holding will be a member of the boards of FGP Topco and
BAA. Britannia Airport Partners LP and GIC will continue as
shareholders.
Ferrovial said the sale will strengthen its liquidity situation
to invest in infrastructure and services projects.
"The sale of this stake in BAA is part of Ferrovial's strategy
of establishing a market valuation of our assets and improving the
structure of our investment portfolio," Ferrovial's chief executive
Inigo Meiras said in a statement.
A consortium led by Ferrovial acquired BAA in June 2006. BAA
owns London's Heathrow and Stansted airports, Glasgow and Aberdeen
airports in Scotland and Southampton airport in southern
England.
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