Heathrow plans to offload three airports

31 July 2014 (Last Updated July 31st, 2014 18:30)

British airport operator Heathrow Airport Holdings (HAH), formerly known as BAA, is planning to sell Glasgow, Aberdeen and Southampton Airports by the end of the year.

British airport operator Heathrow Airport Holdings (HAH), formerly known as BAA, is planning to sell Glasgow, Aberdeen and Southampton Airports by the end of the year.

Spanish transport infrastructure firm Ferrovial, which currently holds 25% stake in HAH, is planning to secure complete ownership in the business and three airports.

"The group intends to work towards completing a transaction by the end of the year."

It is anticipated to pay approximately £800m for acquiring HAH's assets and airports. However, the completion of the proposed sale is not certain.

A spokesperson from BAA said: "Over recent months, group shareholders and management of Heathrow Airport Holdings have been considering their strategic position in relation to our three airports in Aberdeen, Glasgow and Southampton.

"As a result, the group is now formally entering a sale process. Whilst there is currently no certainty that a sale will be concluded, the group intends to work towards completing a transaction by the end of the year."

According to Glasgow Airport, the amount raised by selling the three airports will be invested in Heathrow.