Ferrovial, S.A. (Spanish pronunciation: [feroˈβjal]), previously Grupo Ferrovial, is a Spanish multinational company involved in the design, construction, financing, operation (DBFO) and maintenance of transport infrastructure and urban services. It is a publicly traded company and is part of the IBEX 35 capitalization-weighted stock market index. The company is headquartered in Madrid.[3] Ferrovial operates through four divisions[4] in over 5 countries.[5] Its Highway division finances and operates toll roads including 407 ETR, North Tarrant Express, LBJ Express, Euroscut Azores and Ausol I. The Airport sector has developed and produced airports in Heathrow, Glasgow, Aberdeen and Southampton. Its Construction business designs and constructs public and private works such as roads, highways, airports and buildings. The company's Services sector oversees the maintenance and conservation of infrastructure, facilities and buildings, the collection and treatment of waste, and other types of public services.[6][7]

Ferrovial, S.A.
TypeSociedad Anónima
Founded1952; 71 years ago (1952)
FounderRafael del Pino
HeadquartersPríncipe de Vergara 135, 28002 Madrid, Spain
Area served
Spain, Portugal, United Kingdom, Ireland, Poland, United States, Canada, Chile, Australia
Key people
Rafael del Pino Calvo-Sotelo (Chairman), Ignacio Madridejos (CEO)
ServicesResidential, commercial property and infrastructure construction; toll road operation; airport and infrastructure management; waste management; facility management
RevenueIncrease €12.208 billion (2017)[1]
Increase €638 million (2017)[1]
Increase €454 million (2017)[1]
Total assetsIncrease €8.063 billion (2017)[2]
Total equityIncrease €6.234 billion (2017)[2]
Number of employees
Decrease 95,978 (2017)[2]
SubsidiariesAmey plc, AGS Airports (50%), Heathrow Airport Holdings (25%), Broadspectrum, Webber, Budimex, FerroNATS, Ditecpesa, Cintra US, Inacua, FBSerwus, Ferrovial Serviços, Zity, Ferrovial Servicios Chile, Cadagua, Tecpresa, Edytesa, Autema, Vialivre, B2in, BFK


The company was founded by Rafael del Pino y Moreno in 1952 as a railroad construction company called Ferrovial, derived from the Spanish word for "railroad"; its first CEO was Agustín González de Amezúa y Mayo.[8] Ferrovial acquired 98.27% of Agroman,[9] 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).[10]

The company expanded in the early years of the new millennium by acquiring 58.5% of Polish construction company Budimex Dromex S.A. in April 2000[11] 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.[12]

The company then expanded in the United Kingdom by acquiring Amey plc, a UK construction company and a 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[13] and Belfast City Airport in May 2003.[14]

Acquisitions continued: Texan group Webber, specializing in civil engineering, recycling of aggregates and extraction and supply of sand in Texas[15] and Swissport International were both acquired in August 2005.[16]

In 2006, a Ferrovial-led consortium purchased UK company BAA Limited, for £10bn[17] and BAA sold its stake in Bristol airport to Macquarie Airports.[18] Then in 2007, Ferrovial finalized 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.[19] Also in 2007 Ferrovial sold Budapest Airport to a consortium led by Hochtief AirPort GmbH for £1.3bn [20] 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.[21] 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.[22]

In 2008, BAA sold World Duty Free Europe (WDF) to Autogrill for £546.6m,[23] 33 properties of Airport Property Partnership (APP) to Arora Family Trust, a private group, for £265m[24] and Belfast City Airport Limited to ABN Amro Global Infrastructure Fund / Faros Infrastructure Partners LLC for £132.5m.[25]

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[26] and Cintra completed the sale of its 99.92% stake in subsidiary Cintra Aparcamientos, S.A. to a consortium for €451m, including bank debt.[27] 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[28] and Ferrovial's majority-owned subsidiary Cintra was reacquired in full in December 2009.[29] 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[30] and on 29 December 2009, Cintra sold 60% of its Chilean subsidiary to ISA for €209m.[31]

In 2010, Ferrovial built the M3 Motorway in Ireland which destroyed 140 monuments, two national monuments[32] including Lismullin.[33] Despite pleas by Conor Newman,[34] a former Director of the government's own Tara Discovery Programme and subsequent chairman of the Irish Heritage Council,[35] the motorway was embedded in the Rath Lugh National Monument also known as the Great Rath.[36] Nobel Laureate Seamus Heaney decried it as "ruthless desecration".[37] Land for proposed Leinster Orbital motorway corridor is reserved and impacts both Tara and Newgrange UNESCO World Heritage archaeological landscapes.[38]

That same year, Transport for London completed the deal to purchase PPP contractor Tube Lines from Ferrovial for £310m[39] and Ferrovial subsidiary Amey acquired the national rail consultancy of WYG Engineering Limited (‘WYG’), part of the WYG Group (formerly, White Young Green).[40] Ferrovial also sold its 50% stake in Autopista Trados 45 for €67m[41] and Ferrovial Servicios subsidiary AmeyCespa acquired Dickerson Group, including its U.K. waste management company Donarbon, for £48.6m.[42]

In 2012, BAA sold Edinburgh Airport to Global Infrastructure Partners for £807m.[43] 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%.[44]

On 19 January 2013, Heathrow Airport Holdings (formerly BAA) announced the sale of Stansted Airport for £1.5bn to Manchester Airport Group[45] 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.[46]

In April 2016, Ferrovial bought out Broadspectrum (formerly 'Transfield Services'), becoming the primary contractor to the Australian government for its internationally often condemned offshore Manus Regional Processing Centre in East Lorengau. Subsequently, Ferrovial announced that it did not want to renew its contract. However, thereupon, the Australian enacted a clause allowing a unilateral extension of the contract for five months.[47]


Toll RoadsEdit

The Ferrovial Group, through its subsidiary Cintra, is dedicated to the operation and management of a score of motorways. It operates the Autema motorway in Spain, as well as the SerranoPark car park in Madrid.[48][49] The company has a 15% stake in the Autopista del Sol after a June 2019 transaction with Meridiam.[50] In Portugal, it has a stake in three highways: Via do Infante, Norte Litoral and Scut Açores. In Canada and the United States, it operates freeways under a freeflow toll system, such as the 407 ETR and 407 EDG highways (Toronto), LBJ Expressway, North Tarrant Express (Dallas) and NTE Extension.[51][52]

In the northern European countries, Ferrovial has a 20% stake in motorways in Ireland and developed the M8 improvement project in Scotland.[53][54]

In 2015, the group increased its profit by 80% to 720 million after the sale and de-consolidation of highways.[55]


Ferrovial's first incursion in the private management of airports was the purchase of a stake in the Mexican company Grupo Aeroportuario del Sureste in 1998.[56]

With the acquisition of BAA in 2006,[57][58] Ferrovial went on to manage seven airports in the United Kingdom: Heathrow, Gatwick, Stansted, Southampton, Aberdeen, Glasgow and Edinburgh. Also, two airports in Europe, one in Naples and one in Budapest, that they would later sell. Following the decision of the British Competition Commission,[59] Ferrovial sold Gatwick Airport in 2009, in April 2012 they announced the sale of Edinburgh Airport[60] and in August of that same year it offered the sale of Stansted Airport.[61]

In July 2018, Ferrovial partnered with JLC Infrastructure and Basketball Hall of Famer Earvin "Magic" Johnson on a $650 million project to remodel the Denver International Airport. The project accounted for a 140,000 square meter area in the airport's Jeppesen Terminal.[62]

Ferrovial operates four airports in the United Kingdom: Heathrow, Southampton, Glasgow and Aberdeen.[63][64]


The construction division of the company is called Ferrovial Construction, and it carries out its work in several countries, sometimes through subsidiaries.[65]

Building subsidiariesEdit

  • Webber in the USA[66]
  • Budimex in Poland
  • Cadagua in Spain, various countries in the Middle East, India, Poland or Mexico. Cadagua is dedicated to the design, construction and operation of all types of water treatment plants.
  • Tecpresa
  • Ditecpesa
  • Edytesa
  • Ferconsa


Ferrovial has a presence in 15 countries.


  • Ferrovial Construccion: construction
  • Cadagua: water treatment
  • Cintra: Toll Roads

United StatesEdit

  • Highways: NTE, LBJ, I-77, I-66,[67] I-285/GA-400[68]
  • Construction: Ferrovial Construction and Webber[69][70]
  • Ferrovial Services International[71]


  • Toll roads: 407 ETR[72]
  • Public road maintenance in Ottawa and the Greater Toronto Area[73]


  • Construction: Budimex
  • Services: FBSerwis SA

Australia and New ZealandEdit


  • Steel Ferrovial Services[75]

United KingdomEdit

  • Airports: Heathrow (25%), Aberdeen, Glasgow and Southampton (50%)[76]
  • Services: Amey[77]
  • Construction: Ferrovial Construction UK - rebranded from Ferrovial Agroman in 2020[78] (in July 2019, Ferrovial Agroman was suspended from the Prompt Payment Code for failing to pay suppliers on time).[79]


Shareholder Voting rights
Freefloat 59.4%
Rijn Capital BV - a company controlled by Rafael del Pino, Chairman of Ferrovial 20.1%
Menosmares S.L.U 8.1%
SiempreLara S.L.U. 5.0%
Blackrock INC 2.8%
Soziancor S.L.U. 2.5%
Fidelity Intl 2.0%

Major projectsEdit

Guggenheim museum, Bilbao.

Major construction projects undertaken by Ferrovial Agroman include:


  1. ^ a b c "Business Performance 2017". Ferrovial. Retrieved 17 March 2018.
  2. ^ a b c "Business Performance 2017". Ferrovial. Retrieved 17 March 2018.
  3. ^ "Contacts Archived 2013-11-11 at the Wayback Machine." Ferrovial. Retrieved on 3 February 2011. "Príncipe de Vergara 135, Madrid 28002"
  4. ^ "Ferrovial" (in Spanish). Archived from the original on 2016-11-07. Retrieved 2018-09-17.
  5. ^ "Ferrovial: premio a la presencia exterior" (in Spanish). 3 November 2014.
  6. ^ "The World's Biggest Public Companies". Forbes.
  7. ^ "Grupo Ferrovial SA". Bloomberg.
  8. ^ Rafael Castro Balaguer, Rafael de Pino y Montero – Ferrovial (1), [in:] Finanzas para mortales website 11.07.17, available here
  9. ^ Ferrovial Business Lines: 1990s
  10. ^ "Official Cintra Website - History". Archived from the original on 2014-08-12. Retrieved 2009-02-02.
  11. ^ Investment Profile Poland: Page 21 Archived 2007-10-16 at the Wayback Machine
  12. ^ Ferrovial - History[permanent dead link]
  13. ^ Spanish firm set to buy Amey
  14. ^ Spanish firm secures Northern Ireland Airport
  15. ^ Webber Acquisition[permanent dead link]
  16. ^ Ferrovial Agrees to Buy Swissport
  17. ^ BAA agrees to Ferrovial takeover
  18. ^ Ferrovial Sells Bristol Airport Stake to Macquarie
  19. ^ Ferrovial sells Sidney airport[permanent dead link]
  20. ^ "Newsfeed". Ferrovial. Archived from the original on 2012-11-30. Retrieved 2017-11-12.
  21. ^ Ferrovial Management Changes[permanent dead link]
  22. ^ BAA completes sale of Australian assets
  23. ^ BAA sells World Duty Free shops[permanent dead link]
  24. ^ Ferrovial's BAA agrees to the partial sale of APP assets for 265 mln stg[dead link]
  25. ^ "Ferrovial sells Belfast". Archived from the original on 2012-02-17. Retrieved 2022-02-18.
  26. ^ Amey reaches financial close on £2.7bn Birmingham Highways PFI
  27. ^ "Cintra Sells Car Parks Division". Archived from the original on 2016-03-03. Retrieved 2010-09-14.
  28. ^ "BAA sells Gatwick airport for 1.657 billion euro". Archived from the original on 2012-02-29. Retrieved 2010-09-14.
  29. ^ "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). Sociedad de Bolsas. 26 October 2009. Archived from the original (PDF) on 2011-07-16. Retrieved 2010-01-04.
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  31. ^ "Cintra sells 60% of its Chilean subsidiary to ISA for 209 million euros". Archived from the original on 2012-02-29. Retrieved 2010-09-14.
  32. ^ "Razed M3 site 'was national monument'". The Irish Times. Retrieved 2019-07-23.
  33. ^ "Top 10 Discoveries of 2007 - Lismullin Henge, Tara, Ireland - Archaeology Magazine Archive". archive.archaeology.org. Retrieved 2019-07-23.
  34. ^ Harvey, Adam. "Dispute over effects of M3 work". The Irish Times. Retrieved 2019-07-23.
  35. ^ "Tara". DiscoveryProgramme. Retrieved 23 July 2019.
  36. ^ "Rath Lugh - Images of Destruction".
  37. ^ "Heaney hits out over 'tar on Tara'". 2008-03-01. Retrieved 2019-07-23.
  38. ^ "M45 Motorway". www.irishmotorwayinfo.com. Retrieved 2019-07-23.
  39. ^ TfL completes Tube Lines buy out
  40. ^ Amey buys WYG rail division
  41. ^ "Ferrovial sells its 50% stake in Autopista Trados 45 for 67 million euro". Archived from the original on 2012-02-29. Retrieved 2010-09-14.
  42. ^ Spanish firm acquires U.K. waste management firm
  43. ^ Edinburgh Airport sold to Global Infrastructure Partners for £807m BBC, 23 April 2012
  44. ^ Ferrovial completes sale of 10.62% of Heathrow Airport Holdings to Qatar Holding
  45. ^ BBC News - Stansted Airport being sold to Manchester for £1.5bn
  46. ^ Ferrovial buys Enterprise from 3i for £385m The Telegraph, 21 February 2013
  47. ^ Davidson, Helen (29 October 2017). "Manus Island: dark chapter of Australian immigration poised to close". The Guardian. Retrieved 30 October 2017.
  48. ^ "Ferrovial y el Gobierno de Madrid, enfrentados por la autopista M-203". Expansión.
  49. ^ "Serrano a 16,5 metros bajo tierra". El País. 26 October 2010.
  50. ^ "Ferrovial y Unicaja venden el 85% de la Autopista del Sol (Málaga)" [Ferrovial and Unicaja sell 85% of the Autopista del Sol (Málaga)]. Cincodias.elpais.com (in Spanish). El País. 14 June 2019. Retrieved 1 September 2019. Ferrovial y Unicaja han vendido el 85% de la Autopista del Sol (Ausol), infraestructura en la que el banco tenía el 20% del capital y la constructora, el 20% restante. Tras la operación, Ferrovial se quedará con una participación del 15% sobre la que pesa una opción de compra y de venta, mientras que Unicaja sale del capital. El precio total de la operación ha sido de 584,6 millones entre las dos operaciones. BBVA ha sido asesor en la operación de Cintra, propietaria de Ausol, y de Unicaja.
  51. ^ "Se abre al tráfico la primera autopista de Ferrovial en Portugal". Euroinmo.
  52. ^ "Ferrovial y Globalvía ya compiten por los peajes que proyecta Esperanza Aguirre". CincoDías. 19 June 2012.
  53. ^ "Ferrovial ganó 376 millones el año pasado, un 47% menos por el impacto de los extraordinarios". Expansión. 27 February 2017.
  54. ^ "Ferrovial vende una participación en dos autopistas irlandesas". El País. 15 September 2015.
  55. ^ "Ferrovial obtiene un beneficio neto de 720 millones de euros en 2015". ELMundo. 25 February 2016.
  56. ^ "El calculado adiós a México de Ferrovial". América Económica. Archived from the original on 2016-03-07. Retrieved 2018-11-01.
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  60. ^ "Ferrovial vende el aeropuerto de Edimburgo por casi mil millones". Expansión.
  61. ^ "Ferrovial abandona la lucha legal y venderá el aeropuerto de Stansted". El Mundo.
  62. ^ Cotizalia (13 June 2018). "Ferrovial inicia el proyecto de remodelación del aeropuerto de Denver con Magic Johnson" [Ferrovial starts the Denver airport remodeling project with Magic Johnson]. Elconfidencial.com (in Spanish). El Confidencial. Retrieved 1 September 2019. El aeropuerto Internacional de Denver quiere acicalarse y ponerse a la altura de los mejores del mundo. El jueves se celebró la ceremonia de inicio para transformar la Terminal Jeppesen, cuyo proyecto lidera Ferrovial con un presupuesto de 650 millones de dólares y lleva como nombre Great Hall. Al acto asistió, entre otros, Magic Jonhson, que es socio de JLC Infraestructure, compañía parcipante en la remodelación...El proyecto se denomina Great Hall porque es el espacio que se sitúa debajo de las carpas de la Terminal Jeppesen del aeropuerto, incluyendo una superficie de 140.000 metros cuadrados.
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  64. ^ "Los aeropuertos de Heathrow y Gatwick registran récord de viajeros en mayo". Expansión.
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  73. ^ "Ferrovial awarded two road maintenance contracts in Canada worth 200 million euro". Ferrovial. Retrieved 4 January 2020.
  74. ^ "Broadspectrum finally gives into Ferrovial's overtures".
  75. ^ "Ferrovial entra al mercado de la transmisión eléctrica con la compra de Transchile". El País (in Spanish). 13 September 2016.
  76. ^ Gerrard, Bradley (6 April 2017). "Heathrow's largest shareholder sees 'positive side effects' from Brexit". The Telegraph.
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  83. ^ "CaixaForum Madrid". Herzog & de Meuron. Retrieved 1 November 2018.
  84. ^ "Montabliz, con 198 metros, es el viaducto más alto de España". El Diario Montanes. 3 September 2018.
  85. ^ 'Celtic Tiger threatens 'very soul of historic Ireland'
  86. ^ "Ferrovial y Sando se adjudican las obras de ampliación del aeropuerto de Málaga por 17,4 millones". La opinión de Málaga. 26 April 2006.
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  89. ^ "Crossrail awards major construction contracts for Farringdon and Whitechapel stations". Crossrail. 23 November 2011. Retrieved 1 September 2019.

External linksEdit