ZAWYA DOW JONES

MADRID SPANISH infrastructure and construction company Ferrovial said on Friday that Qatar Holding has agreed to buy a 20 percent stake in UK airport operator BAA for 900 million pounds ($1.41 billion).

Ferrovial said in a filing with Spain’s financial regulator that Qatar Holding will buy shares in BAA’s holding company, which is controlled by Ferrovial and two other partners—Britannia Airport Partners LP, controlled by Canada’s Caisse de depot et placement du Quebec, and Singapore’s GIC Special Investments.

As a result, Ferrovial will sell 10.62 percent of BAA’s holding company FGP Topco Ltd. to Qatar Holding LLC for 478 million pounds.

Britannia Airport Partners and GIC have also agreed to sell to Qatar Holding 5.63 percent and 3.75 percent of the holding company, respectively, at the same price, making Qatar Holding’s total purchase of shares equal to 20 percent.

Ferrovial’s indirect stake in BAA will drop to 39.37 percent from 50 percent as a result of the transaction, which still requires regulatory clearance.

Qatar Holding will be a member of the boards of FGP Topco and BAA. Britannia Airport Partners LP and GIC will continue as shareholders.

Ferrovial said the sale will strengthen its liquidity situation to invest in infrastructure and services projects.

“The sale of this stake in BAA is part of Ferrovial’s strategy of establishing a market valuation of our assets and improving the structure of our investment portfolio,” Ferrovial’s chief executive Inigo Meiras said in a statement.

A consortium led by Ferrovial acquired BAA in June 2006. BAA owns London’s Heathrow and Stansted airports, Glasgow and Aberdeen airports in Scotland and Southampton airport in southern England.