Ferrovial, the Spanish construction, infrastructure and services group, is in advanced talks to sell Budapest Airport to Hochtief, the German construction and infrastructure group, in a deal that should be completed by the end of January. The Spanish group acquired control of Budapest and Naples airports, as well as minority stakes in several Australian airports, through its EUR 18 bn takeover of BAA, the UK airports operator, in 2006.
Ferrovial, the Spanish construction, infrastructure and services group, is in advanced talks to sell Budapest Airport to Hochtief, the German construction and infrastructure group, in a deal that should be completed by the end of January. The Spanish group acquired control of Budapest and Naples airports, as well as minority stakes in several Australian airports, through its EUR 18 bn takeover of BAA, the UK airports operator, in 2006.
Ferrovial has said it is mainly interested in BAA's UK assets, and that is seeking to sell BAA's international operations as part of its effort to reduce the debt burden built up through the takeover. BAA, the world's biggest airports group, acquired Budapest airport for EUR 1.9 bn in December 2005 in the world's most highly valued airport deal.
It paid about EUR 1.8 bn and pledged an additional EUR 148 mln for development projects in return for a 75% stake and a 75-year operating concession. BAA beat Hochtief in the original contest for Budapest airport, the Financial Times said.
Ferrovial told Spanish newspaper Expansion that the sale process was under way but said 'there is no final decision yet'. The company is active in more than 40 cities, and it focuses on the residential sector. In 2005, with a turnover of EUR 813 mln, the company ranked third among the income sources of family Del Pino, manager of the group.
