Intermoney | Ferrovial (FER) (Hold, PO €35) announced on Tuesday after the market closed that it has completed the sale of its 50% stake in AGS, which groups a number of airports in the UK, to AviAlliance UK Limited for £450 million, around €535 million. Macquarie, owner of the other 50%, has also sold this position for the same amount. Ferrovial confirms that in its Q1 25 results it will record a capital gain of around €300 million.
Assessment: This news comes as no surprise, as the transaction had already been announced last November. We think that for Ferrovial it no longer made much strategic sense to maintain this position in the United Kingdom within the airports asset after the sale of a large part of its position in Heathrow, being more focused currently on growing this business in the US, with its participation in NTO. The Group will announce its annual results for 2024 on 27 February after the close of the market in New York, holding a conference call the following day. As of September 24, the Group reported a 44% increase in EBITDA to €1,008 million, boosted by the recovery of margins in the construction business.
