Ferrovial sells stake in BAA
BAA’s Spanish owner Ferrovial has sold 5.9% of the operator to an investment fund for £282 million.
The US firm, Alinda Capital Partners, is a specialist in infrastructure.
The deal leaves Ferrovial with a 49.99% stake in BAA, which means it no longer has to include BAA’s debts on its balance sheet.
It also means it no longer has to consolidate BAA into its accounts or include BAA’s debts as part of its own debt.
Announcing the move, Ferrovial chief executive Inigo Meiras said: “This sale is in line with our strategy to establish a market valuation of our assets.â€
The transaction values BAA at £4.8bn, double the amount that analysts had estimated.
Ferrovial’s share price climbed 5% in morning trading.
by Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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