BAA, subsidiary of Spanish group Ferrovial and the world’s biggest airports group, has brought in US advisory firm Blackstone to provide the board with advice on its long-term strategic options, according to people with knowledge of the situation.

The investment bank, on whose international advisory board the Ferrovial chairman Rafael del Pino sits, has a broad mandate to advise BAA on options that could include a restructuring of its debt, selling Gatwick airport, and also looking at opportunities to bring in new investors. However, this latter option would require the approval of all three of BAAs shareholders.