* To buy Enterprise for 385 mln pounds from 3i Group
* First major acquisition since BAA in 2006
* Doubles presence in British services sector
* Shares down 0.7 percent
By Tracy Rucinski
MADRID, Feb 21 (Reuters) - Ferrovial is to buyBritish utility services company Enterprise Plc for 385 millionpounds ($589 million) from 3i Group, the Spanishinfrastructure group's first major purchase after a longdebt-cutting drive.
The company has been selling assets since a 2006 deal to buycontrol of British airports operator BAA - now Heathrow AirportHoldings - came unstuck during the global financial crisis, aswas the case with many transactions done before the crash.
Ferrovial said on Thursday that Enterprise, which will beintegrated within British unit Amey, will double its presence inthe British services sector.
Fresh from a string of asset sales - including stakes inBAA, Ferrovial started 2013 with a 1.5 billion euro ($2.0billion) net cash position, giving it scope to expand or returncash to shareholders.
"This acquisition strengthens its footprint in the UK, whereFerrovial has a good knowledge of the services business," N+1Equities analyst Jose Ramon Ocina said.
Analysts said the acquisition price - 6.4 times EV/EBITDA, ameasure of relative value - looked reasonable and highlightedpotential synergies, which Ferrovial estimated at 40 millionpounds.
Ferrovial shares, up 7 percent so far this year, were down0.7 percent at 11.89 euros at 1000 GMT, outperforming a 1.4percent lower Madrid blue-chip index.
The company has relied increasingly on business outsideSpain to shield it from a deep recession that has weighed on itsconstruction and services arms at home.
"This acquisition fits with our strategic objective ofprofitable growth through selective acquisitions and it enablesus to expand our services business," chief executive InigoMeiras said.
Completion of the Enterprise deal was expected by end-Aprilonce European Commission approval has been granted.
Enterprise reported 2012 revenue of 1.1 billion pounds,excluding its joint venture with Mouchel for highway maintenanceservices, which will not be included in the acquisition,Ferrovial said.
3i Group (III)