Ferrovial to sell its 25% stake in London’s Heathrow for US$3 billion

INFRASTRUCTURE giant Ferrovial has reached an agreement with two different buyers to sell its entire 25 per cent stake in Britain’s busiest airport, Heathrow, for £2.37 billion (S$4 billion) the company said in a statement.

Ferrovial said the buyers for the stake in FGP Topco - the parent company of Heathrow Airport Holdings - were private equity fund Ardian and Saudi Arabia’s Public Investment Fund (PIF), who would acquire Ferrovial’s shareholding in stakes of 15 per cent and 10 per cent, respectively.

The transaction is still subject to regulatory conditions and must comply with the right of first offer and full tag-along rights, which may be exercised by the other FGP Topco shareholders, Ferrovial added.

Ferrovial bought an indirect stake of 55.87 per cent in Heathrow Airport Holdings in 2006. It sold 10.6 per cent to Qatar Holding LLC in 2012 and eventually reduced its stake to 25 per cent in 2013.

In August 2022, three people familiar with the talks told Reuters about interest in Ferrovial’s stake from Ardian, which discussed a possible joint proposal with PIF with its own advisers. REUTERS