Ferrovial, Macquarie to sell three British airports for $1.15 billion

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MADRID (Reuters) – Spanish construction giant Ferrovial has agreed with its partner Macquarie to sell the operator of three British airports for 900 million pounds ($1.15 billion) to AviAlliance UK, it said on Wednesday.

Ferrovial and Macquarie, which own 50% each in AGS Airport, the operator of Glasgow, Southampton and Aberdeen airports, have been considering the sale since early this year, the construction company’s CFO Ernesto Lopez said in May.

Last year Ferrovial also decided to sell its stake in Britain’s busiest airport, Heathrow.

The new deal sets an enterprise value for the business of 1.54 billion pounds, after adding 653 million pounds in debts, Ferrovial said in a statement.

Ferrovial, a company that builds and operates toll roads and airports, is focusing its investments on the U.S., its main market.

In 2022 it agreed to acquire a stake in JFK airport’s New Terminal One, the consortium appointed to design, build and operate the new terminal at one of the world’s busiest airports in New York. The company expects to open it by 2026.

Ferrovial estimates that the AGS Airport transaction could be completed in the first quarter of 2025, though it is subject to regulatory approvals. The company expects a capital gain of approximately 290 million euros from the deal.

($1 = 0.7849 pounds)