Saudi Arabia’s sovereign wealth fund and French private equity group to acquire 38% stake in Heathrow Airport
In a groundbreaking announcement on Friday, officials revealed that Saudi Arabia’s sovereign wealth fund and a French private equity group will be acquiring a 38 percent stake in Britain’s busiest airport, Heathrow.
Revised offer made by Public Investment Fund and Ardian
Dutch-based transport company Ferrovial SE disclosed that the Public Investment Fund and Ardian had made a revised offer to acquire shares representing 37.62 percent of the share capital of FGP Topco, the parent company of Heathrow Airport Holdings Ltd, for over £3.2 million ($4.1 million).
Ferrovial to maintain 5.25% stake in FGP Topco
Despite the new agreement, Ferrovial, a company with operations in more than 15 countries, will retain a shareholding of 5.25 percent in FGP Topco. Following the transaction, Topco shareholders and Ferrovial will collectively hold shares representing 10 percent of the issued share capital.
PIF and Ardian to acquire 22.6% and 15% stakes respectively
Upon completion of the sale, PIF and Ardian will purchase 22.6 percent and 15 percent respectively of FGP Topco through separate entities. The statement from Ferrovial indicated that the parties had been exploring various options to satisfy the condition for the sale of the Tagged Shares alongside Ferrovial’s shares.
Deal subject to regulatory approval
Ferrovial emphasized that the deal is still contingent on regulatory approval. The initial plan in November was for PIF to acquire 10 percent and Ardian 15 percent, but the agreement was modified to allow FGP Topco shareholders to sell their shares under tag-along rights.
Ardian reaffirms commitment to investing in the UK
Ardian expressed satisfaction with the revised agreement and reiterated its strong commitment to investing in the UK. The French company, managing assets worth $166 billion globally, emphasized its support for accelerating transformation in its investments through data and new technologies to reduce emissions and create sustainable revenue sources.