UPDATE 2-Abertis sells London's Luton airport for 502 million euros

Thu Aug 1, 2013 12:44pm EDT

* Sells Luton to Aena, Axa Private Equity consortium

* 502 million euro deal includes debt

* No significant capital gains for Abertis (Adds financing details)

MADRID, Aug 1 (Reuters) - Spanish infrastructure firm Abertis sold its stake in London's Luton airport on Thursday in a deal worth 502 million euros ($667 million), the latest step in a plan to divest its airport assets.

Abertis said it sold its 90 percent stake in Luton airport, held through the TBI holding company, to a consortium formed by Spanish airports operator Aena and the private equity arm of French insurance group AXA.

Aena holds 51 percent of the consortium and AXA Private Equity 49 percent.

The price of the deal, which is pending regulatory approval, implies a 2013 enterprise value to EBITDA ratio of 11 times, the company said in a statement.

The acquisition is being backed with 285 million pounds ($432.07 million) of loans, bankers told Thomson Reuters Loan Pricing Corp.

The club syndicate of banks providing the loans comprises Credit Agricole CIB, HSH Nordbank, La Caixa, Mediobanca, Royal Bank of Canada and Royal Bank of Scotland, the sources said.

The five-year financing includes 220 million pounds of term loans, a 50 million pound capital expenditure facility and a 15 million pound working capital facility, one of the sources said.

Following a string of other airport sales, including Belfast International and Stockholm's Skavsta last week, Abertis's airport business is now limited to its stake in Grupo Aeroportuario del Pacifico (GAP) in Mexico and the Montego Bay concession in Jamaica, both of which it said are up for sale.

The Luton sale did not generate significant capital gains, Abertis said.

($1 = 0.7531 euros) ($1 = 0.6596 British pounds) (Reporting by Tracy Rucinski, Additional reporting by Alasdair Reilly and Claire Ruckin in London; Editing by Paul Day and Elaine Hardcastle)