UK. Global infrastructure group Ferrovial has struck an agreement to sell its 25% stake in FGP Topco, parent company of Heathrow Airport Holdings, for £2,368 million (US$3 billion).
The buyers are investment companies Ardian and the Saudi Public Investment Fund, which will acquire Ferrovial’s shareholding in stakes of around 15% and 10% respectively, through separate vehicles.
The transaction is subject to complying with right of first offer (ROFO) and full tag-along rights, which may be exercised by the other FGP Topco shareholders under the Shareholders’ Agreement and the Articles of Association of the company.
Full completion of the acquisition under the agreement is also subject to the satisfaction of applicable regulatory conditions.
Ferrovial Airports Luke Bugeja said: “Over the last 17 years, we have been contributing to Heathrow’s transformation, together with our fellow shareholders, achieving some excellent milestones throughout our long-term role as investor. These include overseeing an investment of £12 billion, expanding its capacity with the construction of Terminal 2, and improving its operational performance. We are very pleased to have made Heathrow one of the world’s most connected airports and the busiest airport in Europe.”
Ferrovial said it remains “fully committed to advancing its airport business and investing in the sector”. It holds a 50% share in Aberdeen, Glasgow and Southampton airports in the UK, 60% of Dalaman Airport in Turkey and 49% in the JFK Airport New Terminal One consortium. ✈
