MADRID Feb 17 Spanish infrastructure group
Ferrovial has made an offer to Heathrow Airport
Holdings (HAH) for British airports Aberdeen, Glasgow and
Southampton, a source with knowledge of the matter said on
Newspaper Expansion said the offer, for which Ferrovial has
held talks over a joint bid with at least two Australian funds
- Macquarie and Industry Funds Management - was worth 800
million pounds ($1.3 billion), citing industry sources.
Ferrovial declined to comment. HAH said they could not
comment and referred calls to spokespeople for Ferrovial.
The Spanish company, which holds a 25 percent stake in HAH,
previously BAA, has been on the hunt to strengthen its airport
business as it seeks to diversify further from its crisis-hit
domestic construction business.
But its partners in the HAH consortium - Britannia Airport
Partners, Singapore's GIC, Qatar Holding and Alinda Capital
Partners - are looking to focus on Heathrow, Britain's busiest
airport, and divest the holding's other airports.
Ferrovial bought Heathrow and a number of other UK airports
as part of its acquisition of BAA in 2006 for 10.3 billion
pounds in a highly leveraged deal, but has gradually sold stakes
to new partners at a profit to reduce debt.
Analysts said a $1.3 billion price for the deal implied a
multiple of 13 times the three airports' estimated 2013 earnings
before interest, taxes, depreciation and amortisation (EBITDA).
"This in our view would represent a full price, arguably
with limited upside in terms of synergies or efficiency as
Ferrovial has already been managing these assets via HAH," said
Juan Carlos Calvo, analyst at Espirito Santo investment bank.
By 0850 GMT, Ferrovial's shares were up 0.3 percent at 14.70
euros versus an 0.2 percent decline on Spain's blue chip index
Last year it failed with a bid for Brazil's five largest
airports and had been eyeing the on-and-off privatisation of
Chicago's Midway airport.