Ferrovial to kick off sale of BAA stake this week

first_img SPANISH builder Ferrovial plans to begin the sale of a tenth of airport operator BAA this week to cut its €24.5bn (£20.8bn) debt.The group is understood to have hired investment banks Goldman Sachs and HSBC to sell a 10 per cent stake in BAA, which owns London’s Heathrow and Stansted airports as well as Southampton, Edinburgh, Glasgow and Aberdeen airports.Ferrovial owns 55.9 per cent of the parent of BAA, in which Britannia Airport Partners, managed by Canada’s Caisse de Depot et Placement du Quebec, owns 26.5 per cent and Singapore sovereign wealth fund GIC holds 17.6 per cent.It unveiled the sale plan in October and expects to complete it in 2011.Analysts estimate the stake could fetch up to €200m, which Ferrovial is likely to use to finance new infrastructure projects.Ferrovial would be able to more than halve its debt by removing BAA’s debt from its own balance sheet.BAA sold Gatwick airport to the owner of London City airport, Global Infrastructure Partners, for £1.5bn faced with watchdog concern over its dominance of UK airports.Last month, an appeal court overturned BAA’s successful challenge of the Competition Commission’s order in March 2009 for it to sell Stansted and either Edinburgh or Glasgow.BAA and Ferrovial declined to comment. The financial crisis hit Ferrovial hard and forced it to sell assets after it headed up a consortium to buy BAA at a time when funding for such acquisitions was relatively inexpensive. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Share whatsapp Show Comments ▼ Ferrovial to kick off sale of BAA stake this week Sunday 28 November 2010 9:16 pmcenter_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof KCS-content whatsapp Tags: NULLlast_img