Spanish infrastructure giant Ferrovial has further reduced its stake in Heathrow by agreeing to sell 8.65% to UK pension fund the Universities Superannuation Scheme for £392 million.
It’s the fourth time Ferrovial has cut its stake in the airports group which it acquired in 2006 in a £10.3 billion deal. It now holds just 25% of the group, down from an original 62%, but it remains the largest shareholder.
The latest deal, which is expected to complete tomorrow, values Heathrow at £4.5 billion. Since its acquisition by Ferrovial, the group, which was previously named BAA, has been forced by UK regulators to sell Edinburgh, Gatwick and Stansted airports but it still owns Aberdeen, Glasgow and Southampton airports.
The Universities Superannuation Scheme will become its seventh largest shareholder.
