Ferrovial has sold 5.72% of its stake in Heathrow Airport Holdings to Stable Investment Corporation – a wholly owned subsidiary of the Chinese sovereign wealth fund China Investment Corporation (CIC) – for €319.3 million.
Until yesterday (31 October), Ferrovial was the indirect owner of 49.99% of Heathrow Airport Holdings, previously known as BAA.
Now the company has reached an agreement to sell 5.72% of FGP Topco - the holding company which owns Heathrow Airport Holdings – to Stable, it has reduced its stake in the airport to 44.27%.
As part of the same transaction, Stable has also acquired shares from other shareholders of FGP Topco for €238.9 million, meaning the China-owned company now holds a total 10% stake in Heathrow Airport Holdings.
In addition to this latest deal, Ferrovial’s indirect stake in Heathrow Airport Holdings is set to reduce further to 33.65% as a result of a previous transaction announced on 17 August 2012 to sell a 10.62% stake to Qatar Holdings.
This deal is subject to European competition approval and expected to close prior to the end of 2012.
Britannia Airport Partners, GIC and Alinda will continue as shareholders of FGP Topco.
Íñigo Meirás, CEO of Ferrovial, said: “This sale of a stake in Heathrow Airport Holdings is a further part of Ferrovial’s investment diversification strategy.
“Following this deal, we reiterate our role in Heathrow Airport Holdings as the industrial partner.
“As previously stated, we will continue to work with the new shareholders and with existing shareholders to ensure that Heathrow Airport Holdings retains its position as one of the best infrastructure assets in the world.”
A consortium including Ferrovial acquired BAA, now renamed as Heathrow Airport Holdings, in June 2006.
Heathrow Airport Holdings owns Heathrow and Stansted airports in London, Glasgow and Aberdeen airports in Scotland and Southampton Airport in southern England.
In the first six months of 2012, these airports handled 47.4 million passengers between them.