US group in talks to buy BAA stake
FERROVIAL, the Spanish infrastructure firm, is in talks with an American investor to sell 10 per cent of its shareholding in BAA.
The Madrid-based firm, which holds a 56 per cent stake in the owner of Heathrow and Stansted, announced in October last year that it was putting a minority stake up for sale so that it can pay down its corporate debt pile.
According to City A.M. sources, Alinda Capital Partners, the infrastructure investor, as well as other pension and sovereign wealth funds, have expressed an interest in the stake.
Alinda was founded in 2005 by Citigroup banker Christopher Beale. The firm, which also owns South Staffordshire Water, already has a small interest in the business after co-investing alongside CDPQ, a Canadian pension fund, which holds 26 per cent in BAA. The remaining 18 per cent is owned by Singapore’s investment arm GIC.
The sale will help Ferrovial to pay down its £10bn debt mound, built up as part of its initial acquisition of BAA in 2006.
The firm was also forced by regulators to sell off Gatwick airport for £1.5bn to increase competition in the market.
Chief Executive Íñigo Meirás said recently: “We would like to underline that our commitment as a long term investor in BAA remains in place.” Yesterday Ferrovial did not comment.