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Ferrovial to Sell Swissport to PAI for $909 Million

Ferrovial SA agreed to sell airport ground-services business Swissport International AG to PAI Partners Holdings Inc. for 900 million Swiss francs ($909 million) as it divests assets to reduce debt and pay for other projects.

Ferrovial bought Swissport, which operates in 38 countries, for 336 million euros ($469 million) in 2005. The Madrid-based builder expects the transaction with Paris-based buyout firm PAI to close in December and January, it said today in a statement. The deal is subject to approval from competition authorities, and PAI must secure financing, Ferrovial said.