Spanish infrastructure giant Ferrovial has further reduced its stake in Heathrow.
The company has agreed to sell 8.65% of the airports group to UK pension fund the Universities Superannuation Scheme (USS) for £392 million.
The deal, which values Heathrow at £4.5 billion, is the fourth time Ferrovial has trimmed its holding in the airports group in two years and reduces its stake to 25%, down from 62% when it bought forerunner BAA in 2006 for £10.3 billion.
Ferrovial will remain the largest shareholder in Heathrow following the deal with USS, which is expected to complete tomorrow.
USS will hold the seventh-biggest stake behind China Investment Corporation, the sovereign wealth fund which bought 10% of the airports operator in October 2012.
BAA, which changed its name to Heathrow Airport Holdings (HAH) last year, has been forced by UK competition authorities to sell off Edinburgh, Gatwick and Stansted airports. Heathrow still owns Aberdeen, Glasgow and Southampton airports.
Ferrovial chief executive Íñigo Meirás insisted the Spanish company remained committed to Heathrow in the long term, despite cutting its holding significantly in the last seven years, the Daily Telegraph reported.
“This sale of a stake in HAH is a further part of Ferrovial’s investment diversification strategy. Following this deal, we reiterate our role in HAH as the main shareholder and industrial partner in the long term,” he said.