Spanish multinational Spanish infrastructure group Ferrovial is to sell its 25% stake in London Heathrow Airport’s parent company, with Ardian and Saudia Arabia’s Investment Fund (PIF) to purchase 15% and 10% respectively.
Ferrovial’s 25% stake in Heathrow Airport’s holding company, FGP TopCo, is worth an estimated £2.4 billion (US$3 billion). “Over the last 17 years, we have been contributing to Heathrow’s transformation, together with our fellow shareholders,” commented Luke Bugeja, CEO of Ferrovial Airports. These include overseeing an investment of £12 billion and expanding the airport’s capacity with the construction of Terminal 2.
Subject to complying with the right of first offer, European private equity group Ardian will acquire 15% of a venture it describes as a ‘strategic asset for the UK economy’. Building on previous investments in London Luton and stakes in six Italian airports, Ardian describes its investment in Heathrow as in keeping with its ‘strategy of investing in significant infrastructure in core markets’.
Saudia Arabia’s Investment Fund (PIF) will also acquire 10% of TopCo, an investment it perceives as being ‘in line with its strategy to support the business as a long-term partner’.
Ferrovial’s ongoing investment in the airport sector remains unaffected, including a 50% share in Aberdeen, Glasgow and Southampton Airports in the UK, a 60% share in Dalaman Airport in Turkey, and a 49% share in JFK Airport New Terminal One in New York.