Ferrovial, the Spanish construction group that owns London Heathrow airport, agreed to sell Swissport International, the world's largest air cargo ground services company, to a French leveraged buyout fund for $914 million.
The sale of Swissport to Paris-based PAI Partners is part of Ferrovial's divestment program aimed at reducing debt and raising money for new infrastructure and services projects.
Madrid-based Ferrovial, which bought Swissport for $470 million in 2005, said it hopes to close on the sale, which is subject to regulatory approval and PAI arranging financing, in December or January.
Ferrovial news from JOC:
BAA Losses Surge, Cargo Falls 7.7 Percent .
Swissport, whose cargo activities range from trucking to warehousing, handled 2.8 million metric tons of freight for over 300 customers and 90 airports in 2009.
The group, which also handled 70 million passengers at 110 airports last year, booked revenue of $1.35 billion in the first nine months of 2010.
Ferrovial last month agreed to sell a 10 percent stake in the 407 Express Toll Route near Toronto for $885 million.
Last week, Ferrovial said it plans to sell a 10 percent stake in BAA, operator of London Heathrow, London Stansted and four other UK airports, which it acquired in 2006 for $16 billion.
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