SPAIN/AUSTRALIA. Macquarie Airports and Ferrovial have amended the terms of their put and call options on Ferrovial’s 50% stake in Bristol International Airport, easing the Spanish group’s path to selling its interest in the UK regional airport.
On 29 March, Ferrovial reached an agreement with Macquarie Airports under which the parties granted each other conditional call and put options on Ferrovial’s holdings in Sydney and Bristol airports. Any sale was conditional on the Ferrovial-led Airport Development & Investment consortium buying BAA, a condition that has since been fulfilled.
Although Macquarie Airports has said it will not exercise the option, it has transferred the option to related entities, the Macquarie European Infrastructure Fund and Macquarie European Infrastructure Fund II.
Under the new agreement, Ferrovial has waived its right to exercise its put options at a -7.5% discount on the price of Macquarie’s call options. Without the 7.5% discount, the value of Ferrovial’s 50% stake in Bristol is £106 million, a valuation made by Macquarie last December.
In addition, the deadline for exercising the call and put options on Ferrovial’s stake in Bristol Airport has been moved from 15 January 2007 to 15 April 2007.
Macquarie Airports still has the option to buy 20.9% of the capital of Sydney Airport from Ferrovial.
MORE STORIES ON MACQUARIE AND FERROVIAL
Macquarie Airports will not increase its stake in Bristol Airport following BAA takeover – 28/06/06
“BAA didn’t meet our investment criteria” says Macquarie; sees big commercial potential in Copenhagen – 21/04/06
Ferrovial set to up the ante in BAA takeover as it appoints Macquarie as co-advisor – 29/03/06
