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Ferrovial, S.A.
Sociedad Anónima
Traded as BMAD: FER
Industry Conglomerate
Founded 1952
Founder Rafael del Pino y Moreno
Headquarters Madrid, Spain
Area served
Spain, Portugal, United Kingdom, Ireland, Italy, Poland, Switzerland, Greece, USA, Canada, Chile
Key people
Rafael del Pino Calvo-Sotelo (Chairman), Iñigo Meirás Amusco (CEO)
Services Residential, commercial property and infrastructure construction; toll road operation; airport and infrastructure management; waste management; facility management
Revenue €8,176 million (2013)[1]
€827 million (2013)[1]
€727 million (2013)[1]
Number of employees
61,587 (2013)[1]
Subsidiaries Amey plc
AGS Airports (50%)
Heathrow Airport Holdings (25%)
Ferrovial head office, in Chamartín, Madrid

Ferrovial, S.A. (Spanish pronunciation: ), previously Grupo Ferrovial, is a Spanish multinational company involved in the design, construction, financing, operation (DBFO) and maintenance of transport, urban and services infrastructure. It is a publicly traded company and is part of the IBEX 35 market value-weighted stock market index. The company is headquartered in Madrid.[2]


  • History 1
  • Ferrovial Group companies (whole or majority owned) 2
  • Investments 3
  • Major projects 4
  • Ownership 5
  • References 6
  • External links 7


The company was founded by Rafael del Pino y Moreno in 1952 as a railroad construction company called Ferrovial, from the Spanish word for "railroad". Ferrovial acquired 98.27% of Agromán,[3] another leading Spanish contractor in June 1995 and then set up Cintra in February 1998: presided over by Rafael del Pino Calvo-Sotelo, Cintra originally comprised three business lines: Car Parks, Toll Roads and Airports (the latter would eventually be separated from the other two business lines).[4]

In the early years of the new millennium the company expanded acquiring 58.5% of the Polish construction company Budimex Dromex S.A. in April 2000[5] and Bristol Airport in Southwest England in December 2000. Joaquín Ayuso was appointed CEO of the Ferrovial group in January 2002; Santiago Bergareche remained on the Board and was appointed Vice Chairman. In June 2002, Ferrovial acquired the concession for Sydney airport, the largest airport in Australia.[6]

The company then expanded in the United Kingdom acquiring Amey plc, a British contractor and major investor in Tube Lines, one of the two public–private partnership companies responsible for the maintenance of London Underground's lines and rolling stock in April 2003[7] and Belfast City Airport in May 2003.[8]

Acquisitions continued: the Texan group Webber, specializing in civil engineering infrastructure, recycling of aggregates and extraction and supply of sand in Texas[9] and Swissport International were both bought in August 2005.[10]

In 2006, a Ferrovial-led consortium purchased the British company BAA Limited, for £10bn[11] and BAA sold its stake in Bristol airport to Macquarie Airports.[12] Then in 2007, Ferrovial finalised the sale of its stake in Sydney Airport and MAp exercised its call option on Ferrovial Airports' 20.9% stake in Sydney Airport for the agreed price of A$1.009 bn.[13] Also in 2007 Ferrovial sold Budapest Airport to a consortium led by Hochtief AirPort GmbH for £1.3bn [14] and announced changes in its corporate structure. Iñigo Meirás, former Head of the Services Division, was appointed CEO of the new Airports Division. Santiago Olivares, who was head of the international area of the Services division and CEO of the handling subsidiary, Swissport, was appointed CEO of Ferrovial Servicios. Enrique Díaz Rato, then CEO of Cintra, was appointed to head the Toll Roads & Car Parks Division.[15] At the end of the year BAA finalised the sale of its stakes in 6 Australian airports to Hastings Fund Management Limited for approx. €495m.[16]

In 2008, BAA sold World Duty Free Europe (WDF) to Autogrill for £546.6m,[17] 33 properties of Airport Property Partnership (APP) to Arora Family Trust, a private group, for £265m[18] and Belfast City Airport Limited to ABN Amro Global Infrastructure Fund / Faros Infrastructure Partners LLC for £132.5m.[19]

In 2009 Ferrovial subsidiary Amey and the UK's Birmingham City Council announced financial close on the £2.7bn Birmingham Highways private finance initiative (PFI) scheme[20] and Cintra completed the sale of its 99.92% stake in subsidiary Cintra Aparcamientos, S.A. to a consortium for €451m, including bank debt.[21] Later in the year Ferrovial appointed Íñigo Meirás as the new CEO, relieving Joaquín Ayuso who was subsequently named Vice-Chairman of the group. On 21 October 2009, BAA reached an agreement to sell London Gatwick airport to an entity controlled by Global Infrastructure Partnership for £1.5bn[22] and Ferrovial's majority-owned subsidiary Cintra was reacquired in full in December 2009.[23] On 17 December 2009, NTE Mobility Partners LLC, a consortium in which Cintra has a majority stake, completed raising $2 bn to finance the North Tarrant Express Managed Lanes project in Texas[24] and on 29 December 2009, Cintra sold 60% of its Chilean subsidiary to ISA for €209m.[25]

Then in 2010 Transport for London completed the deal to purchase PPP contractor Tube Lines from Ferrovial for £310m[26] and Ferrovial subsidiary Amey acquired the national rail consultancy of WYG Engineering Limited (‘WYG’), part of the WYG Group (formerly, White Young Green).[27] Ferrovial also sold its 50% stake in Autopista Trados 45 for €67m[28] and Ferrovial Servicios subsidiary AmeyCespa acquired Dickerson Group, including its U.K. waste management company Donarbon, for £48.6m.[29]

In 2012 BAA sold Edinburgh Airport to Global Infrastructure Partners for £807m.[30] Ferrovial also announced the sale of a 10% stake in the parent company of Heathrow Airport Holdings Ltd to Qatar Holding LLC for £478m. Following this sale Ferrovial now has an indirect interest in Heathrow of 33.65%.[31]

On 19 January 2013, Heathrow Airport Holdings (formerly BAA) announced the sale of Stansted Airport for £1.5bn to Manchester Airport Group[32] and on 21 February 2013, Ferrovial, through Ferrovial Services, reached an agreement with international investor 3i to acquire Enterprise, one of the UK's leading providers of services to utilities and the public sector, for £385m.[33]

Ferrovial Group companies (whole or majority owned)

Heathrow Airport, London, which is the largest and busiest in Europe
Sector Country Corporation Assets
Services Amey plc
Airports infrastructure AGS Airports (50%) Aberdeen Airport (Ownership and operator)
Glasgow International Airport (Ownership and operator)
Southampton Airport (Ownership and operator)
Heathrow Airport Holdings (25%) Heathrow Airport (Ownership and Operator)
Construction Ferrovial Agromán
Webber L.L.C.
Water treatment Cadagua
Urban & industrial waste Cespa It was formerly owned by Aguas de Barcelona/Suez. In 2006 it had sales of €823.6m., with 14,508 employees. It operates in Spain and Portugal.
Toll road management Cintra Europistas
Autopista M-45
Autopista R-4
Autopista Madrid-Levante
Autopista M-203
Eurolink M4
407 ETR
Euroscut Algarve
Euroscut Norte Litoral
Chicago Skyway
Indiana East-West Toll Road
SH-130 (segments 5&6)
Ionian Roads, Greece
Infrastructure maintenance Ferroser


  • Ferrovial owns 50% stake in AGS Airports Ltd.
  • Ferrovial owns 100%[34] of Cintra, a leading international toll road and car park operator.
  • Ferrovial as at 21 December 2014 owns a 25% indirect stake in Heathrow Airport Holdings Ltd (formerly BAA Ltd) [31]
  • Ferrovial owns 100% of Amey, the UK services company; 100% of Cespa, the Spanish environmental services, waste treatment and management company; 100% of W.W. Webber, the Texan construction company
  • Ferrovial owns 59.06% of Budimex, the Polish constructor.

Major projects

Guggenheim museum, Bilbao.
  • Major construction projects undertaken by Ferrovial include the Guggenheim Museum Bilbao completed in 1997[35] and Terminal 4 at Madrid–Barajas Airport completed in 2006.[36]
  • Ferrovial is one of the sponsors for the much talked about M3 motorway being built in Ireland, through the Hill of Tara archaeological complex.[37]
  • In March 2010, Ferrovial Agroman was awarded a design and build contract to build Heathrow Airport's new T2A Terminal for £812m in joint venture with UK construction company Laing O'Rourke.[38]


According to the CNMV (Comisión Nacional del Mercado de Valores), the Spanish Securities Market Commission in charge of supervising and inspecting the Spanish Stock Markets, 44.268% of the shareholding is currently held by Portman Baela, S.L. on behalf of the Del Pino family, and 3.868% is held by Banco Santander, S.A.[39]


  1. ^ a b c d "2013 Consolidated Financial Statement" (PDF) (in Spanish). CNMV. Retrieved 24 March 2014. 
  2. ^ "Contacts." Ferrovial. Retrieved on 3 February 2011. "Príncipe de Vergara 135, Madrid 28002"
  3. ^ Ferrovial Business Lines: 1990s
  4. ^ Official Cintra Website - History
  5. ^ Investment Profile Poland: Page 21
  6. ^ Ferrovial - History
  7. ^ Spanish firm set to buy Amey
  8. ^ Spanish firm secures Northern Ireland Airport
  9. ^ Webber Acquisition
  10. ^ Ferrovial Agrees to Buy Swissport
  11. ^ BAA agrees to Ferrovial takeover
  12. ^ Ferrovial Sells Bristol Airport Stake to Macquarie
  13. ^ Ferrovial sells Sidney airport
  14. ^
  15. ^ Ferrovial Management Changes
  16. ^ BAA completes sale of Australian assets
  17. ^ BAA sells World Duty Free shops
  18. ^ Ferrovial's BAA agrees to partial sale of APP assets for 265 mln stg
  19. ^ Ferrovial sells Belfast
  20. ^ Amey reaches financial close on £2.7bn Birmingham Highways PFI
  21. ^ Cintra Sells Car Parks Division
  22. ^ BAA sells Gatwick airport for 1.657 billion euro
  23. ^ "Notice of the Technical Advisory Committee of the IBEX Indices concerning the merger between Grupo Ferrovial, S.A. and Cintra Concesiones de Infraestructuras de Transporte, S.A." (PDF).  
  24. ^ Cintra finishes raising 2 billion dollars to finance the North Tarrant Express in Texas
  25. ^ Cintra sells 60% of its Chilean subsidiary to ISA for 209 million euros
  26. ^ TfL completes Tube Lines buy out
  27. ^ Amey buys WYG rail division
  28. ^ Ferrovial sells its 50% stake in Autopista Trados 45 for 67 million euro
  29. ^ Spanish firm acquires U.K. waste management firm
  30. ^ Edinburgh Airport sold to Global Infrastructure Partners for £807m BBC, 23 April 2012
  31. ^ a b Ferrovial completes sale of 10.62% of Heathrow Airport Holdings to Qatar Holding
  32. ^ BBC News - Stansted Airport being sold to Manchester for £1.5bn
  33. ^ Ferrovial buys Enterprise from 3i for £385m The Telegraph, 21 February 2013
  34. ^ CNMV
  35. ^ Ferrovial history: 1990s
  36. ^ Ferrovial history: 2000 - 2004
  37. ^ 'Celtic Tiger threatens 'very soul of historic Ireland'
  38. ^ Ferrovial Agroman to build Heathrow Airport's new Terminal 2
  39. ^ Significant shareholdings and treasury stock of the entity consulted May 9, 2011.

External links

  • (English) Official website
  • (Spanish) Official website
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