Freshfields Bruckhaus Deringer has advised Heathrow Airport Holdings Limited on an agreement to sell its 100% interest in Glasgow Airport, Aberdeen Airport and Southampton Airport for approximately £1,048mn in cash and assumed debt payable on closing, to a consortium formed by Ferrovial S.A. (through its subsidiary Ferrovial Aeropuertos) and Macquarie European Infrastructure Fund 4.

At closing, the sale consideration will be increased to compensate Heathrow Airport Holdings Limited for the time delay between signing and the closing date. The transaction is subject to EU merger regulation clearance and is expected to close by the end of January 2015.

Laurie McFadden, co-head of Freshfields’ international energy and natural resources group, commented: ‘This successful sale of Glasgow, Aberdeen and Southampton is the latest in a series of disposals on which we have acted for Heathrow Airport Holdings Limited (formerly BAA) having previously advised on the disposals of Gatwick and Stansted and is further evidence that M&A activity in the aviation infrastructure sector remains buoyant.’

The Freshfields team was led by partners Stephen Hewes and Laurie McFadden. The team worked alongside Heathrow Airport Holdings’ General Counsel Carol Hui and in house counsel Catherine Ledger and Irina Janakievska.

This deal further demonstrates Freshfields' expertise in the infrastructure sector and strong track record in advising clients in the aviation industry in particular. The firm has a longstanding relationship with Heathrow Airport Holdings Limited, having advised the Ferrovial-led consortium on the acquisition of the company (formerly known as BAA) in 2006 and subsequently its successful refinancing.

The team previously advised on the sale of Gatwick Airport to an entity controlled by Global Infrastructure Partners for £1.51bn in 2009 and last year on the sale of Stansted Airport to Manchester Airports Group for £1.5bn. Since 2011 Freshfields has also advised Ferrovial on a series of stake sales in FGP Topco Limited (the holding company which owns Heathrow Airport Holdings) to entities owned by Alinda Capital Partners, Qatar Holding, CIC International and Universities Superannuation Scheme.

Already this year Freshfields has also advised Ontario Teachers’ Pension Plan on its agreement to acquire a 50 per cent. stake in Bristol Airport from its co-shareholder, Macquarie European Infrastructure Fund.