Spain’s giant Ferrovial infrastructure company is cashing out the last of its share of the company that owns London’s Heathrow Airport, with its 25% share going to a French private equity group and Saudi Arabia’s Public Investment Fund.
Ferrovial was the lead investor in a 2006 takeover of the busy airport, holding 56% of the shares, but has reduced its investment over the past years. In 2012 it sold 10.62% to Qatar Holding, and then 5.72% to China’s CIC International investment company. The latest sale will net Ferrovial €2.74 billion.
Ferrovial isn’t out of the airport business by any means; it still has majority holdings in UK airports in Aberdeen, Glasgow and Southampton, a 60% stake in Dalaman Airport in Turkey and a 49% stake in the new Terminal One being built at New York’s JFK.
The company moved its headquarters from Spain to the Netherlands last summer, causing grumbling from the Spanish government. Ferrovial, which plans a listing on a U.S. stock exchange, said the move would further that goal and give it access to cheaper credit.
