Spain’s Ferrovial is in talks to sell a 10% stake in UK airport operator BAA, Reuters reported Monday, citing a report in the Sunday Times. Ferrovial has reportedly been in talks with U.S.-based infrastructure company Alinda Capital Partners, Reuters wrote. The stake is estimated to be workth about $285 million.
(Reuters) – Indebted Spanish infrastructure company Ferrovial said on Monday it was in preliminary talks to sell 10 percent of UK airport operator BAA and several groups had shown interest.
The Sunday Times reported on June 19 that Ferrovial was in talks to sell the stake to U.S. infrastructure group Alinda Capital Partners.
Ferrovial put the stake, estimated to be worth around 200 million euros ($284.6 million),up for sale last October.
“The sale process for 10 percent of BAA is going well and is still at a preliminary stage,” the group said in a statement, adding that several firms had shown interest in buying the stake.
Ferrovial hopes to conclude the sale by the end of the year to help pay off some of its debt, which stood at 19.8 billion euros at the end of 2010.
The company owns 55.9 percent of BAA and if its holding falls below 50 percent, it could take between 5 billion euros and 6 billion in debt off its books, although it would also consolidate less revenue. (Reporting by Andres Gonzalez; Writing Nigel Davies; Editing by David Holmes) ($1=.7028 Euro)