Ferrovial is planning to sell its stake in three UK regional airports amid difficulties in finalising its £2.4bn sale of a 25% stake in Heathrow.
ADVERTISEMENTSpanish infrastructure company Ferrovial is reportedly putting up for sale its three regional British airports of Aberdeen, Glasgow, and Southampton (AGS), according a report in the Telegraph.
AGS, jointly owned by Ferrovial and Macquarie, will be sold as a single entity in a process overseen by bankers at Credit Agricole and Solomon Partners and expected to commence in the coming weeks, a source close to the situation was reported as saying.
Ferrovial and Macquarie acquired the company for £1 billion (€1.17 billion) in 2014.
Last November, the Spanish company announced the sale of its 25% stake in Heathrow Airport, valued at £2.4 billion (€2.4 billion).
Last year, Saudi Arabia's Public Investment Fund (PIF) and private equity firm Ardian joined forces to acquire Ferrovial. However, completion of the deal relies on other Heathrow investors finding buyers for their stakes, necessitating the sale of an additional 35% stake.
Despite initial interest, Australia's Macquarie reportedly withdrew its bid last month.
The sale of AGS marks the latest transaction in the aviation sector, following French infrastructure group Vinci Airports' acquisition of a majority stake in Edinburgh Airport for approximately £1.27 billion (€1.48 billion) last month.
According to its most recent financial results, AGS reported revenues of £166 million (€194 million) for the year ending December 2022, reflecting a significant increase from £87 million (€101 million) in 2021, a period which was significantly affected by the prevailing pandemic restrictions.
