HOCHTIEF AirPort GmbH has signed a memorandum of understanding with BAA for the potential acquisition of BAA?s interests in Budapest Airport.

HOCHTIEF AirPort is a 100% subsidiary of HOCHTIEF Aktiengesellschaft and holds almost 50% in a consortium that also includes Caisse de d?p?t et placement du Qu?bec, Montr?al, and KfW, Frankfurt.
BAA holds 75% minus one share in Budapest Airport having acquired this for around E.1.9bn when the Hungarian Government privatised the airport last December.
Both BAA and the HOCHTIEF consortium are looking to finalise the acquisition in the fourth quarter of 2006, subject to Hungarian Government consent and confidentiality has been agreed by both parties on releasing any more details until further notice.
HOCHTIEF is one of the leading international providers of construction-related services. With more than 41,000 employees and a sales volume of E.13.65bn in FY 2005, the company is represented in all the world?s major markets.
The proposed sale comes against a background where BAA's new Ferrovial-led consortium ownership has made it known that it does not consider BAA's overseas airport interests to be core activities. The sale is also doubtless aimed at reducing the consortium's considerable debt which financed the BAA deal earlier this year.