Ferrovial of Spain recently announced that it has agreed with the 3i Group to purchase in full the UK based services company Enterprise for a whopping GBP 385 million or US$589 million. Terms of the agreement include full transfer by April after receipt of approval from competition authorities.
This is the first purchase by the Spanish infrastructure firm after its extended austerity period. The measures included sale of assets to be able to purchase majority control over UK airport operator BAA. The company is now known as Heathrow Airport Holdings and became a quagmire for the firm as a result of the 2008 global recession. The company was able to extricate itself from this purchase and was able to raise Eur1.5 billion for further business acquisition or option for shareholder return.
Ferrovial further announced that Enterprise would be integrated with the Spanish company's current presence Amey, thus creating a major force in the UK services sector.
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