Ferrovial offloads its stake in UK airports in £1.5bn deal

The terminal building of Glasgow Airport in Scotland (Image: Schneestarre via AdobeStock - stock.adobe.com)

It reached an agreement with Avialliance UK for its 50% holding in AGS Airports Holdings Limited (AGS), the parent company of the three airports.

Ferrovial’s joint venture partner, investment bank Macquarie, will also sell its 50% stake in AGS.

Ferrovial said the agreement values 100% of the stake at £900 million (US$1.1 billion), while the price represents an enterprise value of just over £1.5 billion (US1.9 billion).

It said that it estimated it would make a capital gain of €290 million (US$306.5 million).

Last year, the company sold its entire 25% stake in the UK’s Heathrow Airport in London.