BAA’s Spanish owner Ferrovial has sold 5.9% of the operator to an investment fund for £282 million.
The US firm, Alinda Capital Partners, is a specialist in infrastructure.
The deal leaves Ferrovial with a 49.99% stake in BAA, which means it no longer has to include BAA’s debts on its balance sheet.
It also means it no longer has to consolidate BAA into its accounts or include BAA’s debts as part of its own debt.
Announcing the move, Ferrovial chief executive Inigo Meiras said: “This sale is in line with our strategy to establish a market valuation of our assets.â€
The transaction values BAA at £4.8bn, double the amount that analysts had estimated.
Ferrovial’s share price climbed 5% in morning trading.
by Bev Fearis
