French private investment company Ardian will acquire an additional 10% stake in Heathrow Airport's holding company FGP Topco. The company had previously acquired a 22.6% stake in the airport's holding company in December 2024, along with the Saudi sovereign wealth fund PIF also being a stakeholder. PIF had acquired a 15% stake in the airport in the same month.
“Since we became the largest shareholder of Heathrow in December, the airport has continued to perform strongly with traffic reaching 83.9 million passengers in 2024,” said CEO of Ardian France and head of infrastructure, Ardian Mathias Burghardt. “We are delighted to be working with our fellow shareholders, the Heathrow management team and the UK authorities on our shared ambition to deliver sustainable growth of this iconic infrastructure. Investment in Heathrow will deliver economic benefits across the entire country.”
Heathrow will submit its proposal to the UK government for a third runway this summer, confirmed the airports chief executive officer, Thomas Woldbye earlier in February. This came shortly after just weeks after UK chancellor Rachel Reeves backed plans for a new runway at the European hub.
The airport had a record 83.9 million passengers in 2024, a 6% growth on 2023. In addition, cargo increased 10% in the year. However, the airport said it will likely see constrained capacity in 2025, meaning a smaller uptick in annual performance.
“Securing future economic growth means investing in the infrastructure that powers it,” said Heathrow CEO Thomas Woldbye. “Over the next decade, we will be making the largest private investment in the UK’s transport network which will modernise Heathrow and unlock new capacity for growth. This will grow the economy, make Heathrow better for all of our customers and give the UK a competitive world-class hub fit for the future."
Ardian said in its statement: “There is a strong demand for aviation which is underpinning the growth at Heathrow. We believe there are ways to build, expand and grow in a sustainable way and we will explore these with all stakeholders.”
Credit rating agency Morningstar DBRS had called for changes to the airport on February 27, 2025. The agency noted that the challenges in moving forward with its third runway project are “significant” as it will require changes to the regulatory framework and UK airspace to accommodate more planes.
“We believe Heathrow Airport's competitive position cannot be easily displaced because it is a full-service intercontinental hub,” said Valiant Ip vice president corporate ratings, asset finance in a statement. “The completion of the phased expansionary program and the third runway project will further strengthen Heathrow Airport's market position in the London area.”