Spanish infrastructure company Ferrovial has divested its stake in UK airport operator BAA by 5.88% to 49.99% to help reduce its debts.
Ferrovial will sell its stake of BAA, which operates six UK airports, to investment group Alinda Capital Partners for €325m.
By reducing its holding to below 50%, Ferrovial will be allowed to remove BAA’s debts from its own accounts, resulting in a drop of its net debt from €19.7bn to approximately €5.2bn.
The UK’s Competition Commission last week told BAA that it must sell one of its Scottish airports before it disposes of London Stansted Airport.
After the transaction, Ferrovial will use the proceeds on other infrastructure and services projects.
The transaction will close by the end of October 2011.