The British fund TCI doubles its indirect stake in Ferrovial to 2%

  • Its position amounts to a market value of 321 million
  • The fund launched a stake in the Spanish construction company last May

The British Fund The Children’s Investment Fund (TCI) has doubled the indirect participation that emerged at the end of last May in the capital of Ferrovial to 2,026%, from the 1.027% it had until now.

TCI has acquired this additional percentage through a new ‘equity swaps’ contract, as recorded in the records of the National Securities Market Commission (CNMV).

In this way, the fund has two contracts of this type of derivative on a total of some fifteen million Ferrovial securities, representing the referred 2,026% of its capital and valued at around € 321 million based on the current price of the construction and concessions company.

TCI is current first private shareholder of Aena, where it adds a participation of 8.3% between the percentages that it has directly and indirectly.

In fact, Ferrovial and TCI, together with Corporación Financiera Alba, were the three investors that at the beginning of 2015 were interested in entering the capital of Aena when then the operator of the Spanish airport network went public with the placement of 49% of its capital, although finally the construction group did not take part.

TCI now increases the indirect participation that surfaced at the end of May in Ferrovial, a group that has a 25% stake in London Heathrow Airport and is currently in the process of selling its services business and focusing its strategy on the construction of large infrastructures.

The British fund TCI joins other qualified international investors who are already in Ferrovial’s capital, such as about BlackRock, which has just reached the 3% threshold again, and Fidelity with 1.9%.

Rafael del Pino, with a 20% stake, is the current largest shareholder in Ferrovial, where María del Pino has 8% and Leopoldo del Pino with another 5%.