Ferrovial clears BAA debt, ready for new ventures

Ferrovial’s sale of a 5.9% stake in BAA, the UK airports group, may have been motivated at least in part by a wish to deconsolidate BAA’s debts, so that it can invest in more profitable areas such as construction and services.

  • 11 Oct 2011

BAA had £12.3bn (€14.2bn) of debt at the end of June, which made up 73% of Ferrovial’s net total of €19.4bn. The sale takes Ferrovial’s stake down to 49.99%, just low enough to deconsolidate BAA’s debts.

“That’s a lot of debt to have on your balance sheet,” said Roger ...

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