BAA plc was bought in 2006 by a consortium led by Ferrovial, a Spanish firm specialising in the design, construction, financing, operation and maintenance of transport, urban and services infrastructure.

The company makes money from charging landing fees and departing passenger levies to airlines, and from ancillary operations within those airports such as retail, car parking and property.

As part of Margaret Thatcher's moves to privatise government owned assets, the Airports Act 1986 was passed which mandated the creation of BAA plc as a vehicle by which stock market funds could be raised.

[6] After an inquiry which ran from August 2008 to March 2009,[7] the UK Competition Commission announced that BAA would be required to sell three of the seven UK airports it owned at the time within two years, over fears the monopoly position held by BAA over London and Scotland's airports could have "adverse effects for both passengers and airlines".

[10] Ferrovial and its partners (Government of Singapore Investment Corporation and the Caisse de dépôt et placement du Québec) had been seeking £1.8bn to £2bn when they opened the bidding process.

[13] In October 2011, BAA announced that Edinburgh Airport would be put up for sale in early 2012 with an aim to handing over the running of the site to a new owner by summer 2012.

In May 2014, Heathrow Airport Holdings announced the appointment of John Holland-Kaye, current Development Director, as chief executive officer, succeeding Colin Matthews on 1 July 2014.

[18][19] On 15 December 2024, it was reported that Ardian and the Public Investment Fund of Saudi Arabia have successfully acquired 22.6% and 15% respectively of stakes in Heathrow Airport for a combined US$4.12 billion through Ferrovial and other shareholders in FGP TopCo.

The original BAA plc was acquired in 2006 by Airport Development and Investment Limited (ADI), a new company formed by the Ferrovial consortium.

The Economist wrote that retail is important for BAA at Heathrow because, by law, landing charges are much less than those of similar-scope airports and shops help make up the difference.

[4] BAA has been accused of under-investing in snow and ice-fighting technology at Heathrow, which led to runway closures and severe delays in December 2010.

[47] In July 2007, BAA sought an injunction preventing potential protesters involved in the Camp for Climate Action from approaching Heathrow Airport.

[51] BAA's pricing structure mostly excludes General aviation access to their airports by either banning the movements of light aircraft, or setting high fees and mandatory handling charges.

The total charges for landing, one night of parking, and mandatory handling for a Cessna 152 (including VAT) in 2013 was £234 at Aberdeen,[52] £193 at Glasgow,[53] and £187 at Southampton.

[55] BAA has since taken steps to improve this issue, including the waiving of mandatory handling fees for light aircraft at Aberdeen and Southampton.

It was also acknowledged that Heathrow Airport's runways are used at 99% of their capacity, and therefore the charges were set on the basis of very high demand and the lack of supply.