Spanish transport infrastructure company Ferrovial SA (MCE:FER) said it had sold a 5.72% indirect stake in Heathrow Airport Holdings Ltd, to Stable Investment Corp, which is fully controlled by CIC International Company Ltd, for GBP257.4m (USD415.9m/EUR321.4m).
As a result of the transaction, which closed on Wednesday, Ferrovial’s indirect holding in the airport operator shrank to 44.27%.
The move is in line with Ferrovial’s investment diversification plan, the Spanish firm’s CEO, Inigo Meiras, said. It boosts the vendor’s liquidity and enhances its financial flexibility, the company said.
Ferrovial remains an industrial partner in Heathrow Airport Holdings.
The divested interest is in FGP Topco Ltd, the holding company of Heathrow Airport Holdings. Stable Investment has also purchased stock, at the same price, from other shareholders in FGP Topco for GBP192.6m, which will boost its ownership in Heathrow Airport Holdings’ holding company to 10%. Stable will join the boards of FGP Topco and Heathrow Airport Holdings. Britannia Airport Partners LP, GIC and Alinda continue as stockholders in FGP Topco.
On 17 August 2012, Ferrovial said it had agreed to sell 10.62% of FGP Topco to Qatar Holding LLC for GBP478m. That transaction has yet to be cleared by Europe’s competition watchdog. Upon closing, which is seen to occur before the end of this year, Ferrovial will hold indirectly 33.65% in Heathrow Airport Holdings.
Ferrovial was part of a consortium which bought the former Heathrow operating company BAA Ltd in June 2006.