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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 15 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 infrastructures, facilities and buildings, the collection and treatment of waste, and other types of public service.[6][7]

Ferrovial, S.A.
Sociedad Anónima
Traded asBMADFER
FounderRafael del Pino
HeadquartersPríncipe de Vergara 135, 28002 Madrid, España
Area served
Spain, Portugal, United Kingdom, Ireland, Italy, Poland, Switzerland, Greece, USA, Canada, Chile
Key people
Rafael del Pino Calvo-Sotelo (President), Iñigo Meirás Amusco (CEO)
ServicesResidential, commercial property and infrastructure construction; toll road operation; airport and infrastructure management; waste management; facility management
Revenue€12,208 million (2017)[1]
€638 million (2017)[1]
€454 million (2017)[1]
Total assets€8,063 million (2017)[2]
Total equity€6,234 million (2017)[2]
Number of employees
95,978 (2016)[2]
SubsidiariesAmey plc
AGS Airports (50%)
Heathrow Airport Holdings (25%)
Ferrovial head office, in Chamartín, Madrid



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,[8] 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).[9]

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[10] 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.[11]

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[12] and Belfast City Airport in May 2003.[13]

Acquisitions continued: the Texan group Webber, specializing in civil engineering infrastructure, recycling of aggregates and extraction and supply of sand in Texas[14] and Swissport International were both bought in August 2005.[15]

In 2006, a Ferrovial-led consortium purchased the British company BAA Limited, for £10bn[16] and BAA sold its stake in Bristol airport to Macquarie Airports.[17] 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.[18] Also in 2007 Ferrovial sold Budapest Airport to a consortium led by Hochtief AirPort GmbH for £1.3bn [19] 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.[20] 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.[21]

In 2008, BAA sold World Duty Free Europe (WDF) to Autogrill for £546.6m,[22] 33 properties of Airport Property Partnership (APP) to Arora Family Trust, a private group, for £265m[23] and Belfast City Airport Limited to ABN Amro Global Infrastructure Fund / Faros Infrastructure Partners LLC for £132.5m.[24]

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

Then in 2010 Transport for London completed the deal to purchase PPP contractor Tube Lines from Ferrovial for £310m[31] and Ferrovial subsidiary Amey acquired the national rail consultancy of WYG Engineering Limited (‘WYG’), part of the WYG Group (formerly, White Young Green).[32] Ferrovial also sold its 50% stake in Autopista Trados 45 for €67m[33] and Ferrovial Servicios subsidiary AmeyCespa acquired Dickerson Group, including its U.K. waste management company Donarbon, for £48.6m.[34]

In 2012 BAA sold Edinburgh Airport to Global Infrastructure Partners for £807m.[35] 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%.[36]

On 19 January 2013, Heathrow Airport Holdings (formerly BAA) announced the sale of Stansted Airport for £1.5bn to Manchester Airport Group[37] 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.[38]

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.[39]

Ferrovial Controversies - M3 through Tara in IrelandEdit

Claims of Cultural sabotage - "an act of premeditated assault" on the "spiritual heart of Ireland"[40]

In 2010, Ferrovial built and continue to run the controversial M3 Motorway in Ireland which destroyed 140 monuments, 2 National monuments [41] including Lismullin,[42] a vast 2000 year old ceremonial enclosure which was nominated as world's top archaeological find of 2007.[43]

Despite pleads by Conor Newman,[44] a former Director of the government's own Tara Discovery Programme and subsequent chairman of the Irish Heritage Council [45], the motorway was effectively embedded in the Rath Lugh National Monument also known as the Great Rath and the likely grave mound of the Fianna.[46]

The destruction wrought by Ferrovial on Irish cultural and archeological heritage was described by Seamus Heaney, Nobel Laurette as "ruthless desecration".[47]

Ferrovial participated in this scheme despite the fact warnings of the archaeological significance and dangers were raised by archaeologists in 2004[48] long before Ferrovial signed the contract in 2007.[49]

Land for proposed Leinster Orbital[50] motorway corridor is currently being reserved and impacts both Tara and Newgrange UNESCO World Heritage archaeological landscapes.[51] It is hoped that commercial companies like Ferrovial especially those who signed up to the UN Global Compact will exercise global citizenship in protecting cultural heritage. There is once again an alternative route North of Navan that does not impact Irish cultural and archaeological heritage.[52]


Ferrovial operates through four divisions:


Ferrovial, through its subsidiary Cintra, is dedicated to the construction and management of a score of motorways. It operates the Alcalá O'Donnell (M-203), Autema and Autopista del Sol (E15) motorways in Spain, as well as the SerranoPark car park in Madrid.[53][54] 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 and North Tarrant Express (Dallas).[55][56]

In the northern European countries, Ferrovial has a 20% stake in motorways in Ireland and is developing the M8 improvement project in Scotland.[57][58]

In 2015, the group increased its profit by 80% to 720 million after the sale and de-consolidation of highways.[59]


Ferrovial's first incursion in the private management of airports was the purchase of a stake in the Mexican company Aeropuertos del Sureste in 1998.[60]

With the acquisition of BAA in 2006,[61] now called Heathrow Airport Holdings (HAH),[62] Ferrovial went on to manage seven airports in the United Kingdom: Heathrow, Gatwick, Stansted, Southampton, Aberden, Glasgow and Edinburgh. Also two airports in Europe, the one in Naples and Budapest, that would later sell. Following the decision of the British Competition Commission,[63] Ferrovial sold Gatwick Airport in 2009, in April 2012 announced the sale of Edinburgh Airport[64] and in August of that same year it offered the sale of Stansted Airport. [65]

Ferrovial operates four airports in the United Kingdom: Heathrow, Southampton, Glasgow and Aberdeen.[66][67]


The construction division of the company is called Ferrovial Agroman, and it carries out its work in several countries, sometimes through subsidiaries.[68]

Building subsidiariesEdit

  • Webber in the USA[69]
  • 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 Agroman: construction
  • Cadagua: water treatment
  • Ferrovial Services Spain
  • Cintra: Highways

United StatesEdit

  • Highways: CNTE, LBJ, I-77, I-66[70], I-285/GA-400[71]
  • Construction: Ferrovial Agroman and Webber[72][73]
  • Ferrovial Services International[74]


  • Toll roads: 407 ETR[75]


  • Construction: Budimex
  • Services: FBSerwis SA

Australia and New ZealandEdit


  • Steel Ferrovial Services[77]

United KingdomEdit

  • Airports: Heathrow (25%), Aberdeen, Glasgow and Southampton (50%)[78]
  • Services: Amey[79]
  • Construction: Ferrovial Agroman (in July 2019, Ferrovial Agroman was suspended from the Prompt Payment Code for failing to pay suppliers on time).[80]


Shareholder Voting rights
Freefloat 60%
Rijn Capital BV - a company controlled by Rafael del Pino, Chairman of Ferrovial 20.3%
Menosmares S.L.U 8.2%
SiempreLara S.L.U. 5.1%

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." Ferrovial. Retrieved on 3 February 2011. "Príncipe de Vergara 135, Madrid 28002"
  4. ^ "Ferrovial" (in Spanish).
  5. ^ "Ferrovial: premio a la presencia exterior" (in Spanish).
  6. ^ "The World's Biggest Public Companies". Forbes.
  7. ^ "Grupo Ferrovial SA". Bloomberg.
  8. ^ Ferrovial Business Lines: 1990s
  9. ^ Official Cintra Website - History
  10. ^ Investment Profile Poland: Page 21 Archived 2007-10-16 at the Wayback Machine
  11. ^ Ferrovial - History
  12. ^ Spanish firm set to buy Amey
  13. ^ Spanish firm secures Northern Ireland Airport
  14. ^ Webber Acquisition
  15. ^ Ferrovial Agrees to Buy Swissport
  16. ^ BAA agrees to Ferrovial takeover
  17. ^ Ferrovial Sells Bristol Airport Stake to Macquarie
  18. ^ Ferrovial sells Sidney airport
  19. ^ "Newsfeed". Ferrovial. Retrieved 2017-11-12.
  20. ^ Ferrovial Management Changes
  21. ^ BAA completes sale of Australian assets
  22. ^ BAA sells World Duty Free shops
  23. ^ Ferrovial's BAA agrees to partial sale of APP assets for 265 mln stg
  24. ^ Ferrovial sells Belfast
  25. ^ Amey reaches financial close on £2.7bn Birmingham Highways PFI
  26. ^ Cintra Sells Car Parks Division
  27. ^ BAA sells Gatwick airport for 1.657 billion euro
  28. ^ "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.
  29. ^ Cintra finishes raising 2 billion dollars to finance the North Tarrant Express in Texas
  30. ^ Cintra sells 60% of its Chilean subsidiary to ISA for 209 million euros
  31. ^ TfL completes Tube Lines buy out
  32. ^ Amey buys WYG rail division
  33. ^ Ferrovial sells its 50% stake in Autopista Trados 45 for 67 million euro
  34. ^ Spanish firm acquires U.K. waste management firm
  35. ^ Edinburgh Airport sold to Global Infrastructure Partners for £807m BBC, 23 April 2012
  36. ^ Ferrovial completes sale of 10.62% of Heathrow Airport Holdings to Qatar Holding
  37. ^ BBC News - Stansted Airport being sold to Manchester for £1.5bn
  38. ^ Ferrovial buys Enterprise from 3i for £385m The Telegraph, 21 February 2013
  39. ^ Davidson, Helen (29 October 2017). "Manus Island: dark chapter of Australian immigration poised to close". The Guardian. Retrieved 30 October 2017.
  40. ^ "Endangered Culteral Site". Smithsonian Magazine. Retrieved 23 July 2019.
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  42. ^ Recontruction of Lismullen Henge
  43. ^ "Top 10 Discoveries of 2007 - Lismullin Henge, Tara, Ireland - Archaeology Magazine Archive". Retrieved 2019-07-23.
  44. ^ Harvey, Adam. "Dispute over effects of M3 work". The Irish Times. Retrieved 2019-07-23.
  45. ^ "Tara". DiscoveryProgramme. Retrieved 23 July 2019.
  46. ^ "Rath Lugh - Images of Destruction".
  47. ^ "Heaney hits out over 'tar on Tara'". 2008-03-01. Retrieved 2019-07-23.
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  49. ^ "Cintra signs contract to build and operate the M3, its second toll road in Ireland Press Room". Press Room. Retrieved 2019-07-23.
  50. ^ "M45 Motorway". Retrieved 2019-07-23.
  51. ^ "Tara Skryne Preservation Group". Retrieved 2019-07-23.
  52. ^ "Tara Skryne Preservation Group". Retrieved 2019-07-23.
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  56. ^ "Ferrovial y Globalvía ya compiten por los peajes que proyecta Esperanza Aguirre". CincoDías.
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  62. ^ "Annual accounts". Página web antigua BAA.
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  76. ^ "Broadspectrum finally gives into Ferrovial's overtures".
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  78. ^ "Heathrow's largest shareholder sees 'positive side effects' from Brexit".
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  88. ^ "Los mil y un viaductos de Ferrovial en las Azores". Expansion.
  89. ^ Ferrovial Agroman to build Heathrow Airport's new Terminal 2

External linksEdit