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| Ferrovial starts the divestment process of a minority stake in BAA Ferrovial has started a process for a possible sale of a minority stake in BAA Ltd. Initially, the proposed transaction is to divest 10 per cent of the equity in FGP Topco, parent company of BAA. Ferrovial currently holds, indirectly, 55.87% of BAA, the rest of the equity being held by Britannia Airport Partners LP (26.48%) and GIC (17.65%). Ferrovial intends to use the proceeds of the transaction on other new infrastructure and services projects and to pay down corporate debt, as has been the case with proceeds from recent disposals. A consortium formed by Ferrovial acquired BAA in the year 2006. BAA operates Heathrow and Stansted airports in London, Glasgow, Edinburgh and Aberdeen airports in Scotland, and Southampton airport in the south of England. It is estimated that BAA handles 1 million flights annually; around 110 million passengers use its airport premises every year. BAA provides services to 240 airlines and has 80, 000 square meters of retail space. In addition, BAA has an investment programme of approximately 1 billion pounds per year. write your comments about the article :: © 2010 Construction News :: home page |