After the sale, Ferrovial will hold 49.99 percent of BAA. The remaining shareholders are Britannia Airport Partners LP (26.48 percent) and GIC (17.65 percent).
Ferrovial said Chris Beale, a managing Partner of Alinda, will join the boards of FGP and BAA. The sale is unconditional and closing is expected to take place by the end of October.
"This sale is in line with our strategy to establish a market valuation of our assets," Ferrovial Chief Executive Íñigo Meirás said. "After this operation, we would like to underline that our commitment as a long-term investor in BAA remains in place."
Ferrovial will use the proceeds of the transaction on other new infrastructure and services projects.