BAA gets rid of another airport because of pressure from the United Kingdom
This divestment is preceded by the sale by Ferrovial’s 5.88% stake in BAA by about 325 million euros last semana.Con the sale of the airport valued at 650 million pounds (744 million euros) by Citigroup and that the company expected to close in the summer of 2012, the group left with five airports in the UK following the sale of Gatwick in 2009, following the divestment process marked by the CC.
The decision to sell Edinburgh Airport Glasgow against (another BAA airport has in Scotland) has been a “difficult choice” for the group, according to Colin Matthews, managing director, who said that the airport has demonstrated be a strong asset and resilient. “
The airport of Edinburgh obtained an EBITDA of 45 million pounds (51 million euros) in 2010 and is expected to increase that figure in 2011 to 52 million pounds (59 million euros), according to a Citigroup report. This is Scotland’s largest airport, with more than 100,000 flights and more than 9.2 million passengers a year. The number of passengers increased by 9.5% through September over the same period in 2010.
Matthews said that “although the two airports in Scotland are of national importance, the city boasts great opportunities for growth and development in the future.”
The director general of the British manager also stressed “the good position of BAA to take advantage of the recent success of Glasgow.” This airport processes about 70,000 flights and 6.8 million passengers a year.
The market price for Ferrovial shares after the announcement of the sale of Edinburgh airport yesterday rose 0.30%, in line with the Dow reaching a price of 9.44 euros per share.