Infrastructure giant Ferrovial announced on Friday, June 14th, that it had reached a new agreement with French private equity fund Ardian and Saudi Arabia’s Public Investment Fund (PIF) to sell most of its 25 per cent stake in Heathrow airport, retaining 5.25 per cent.
Under the revised agreement, Ardian and PIF will purchase 22.6 per cent and 15 per cent respectively of FGP Topco, the parent company of Heathrow Airport Holdings, for a total of £3.26B ($4.13B). Other shareholders are also involved in the transaction.
Initially, Ferrovial had planned to sell its entire stake for £2.37B under an agreement announced last year, which valued the entire airport at £9.48B. The new deal now values Heathrow at £8.66B.
Ferrovial, originally from Spain but relocated to the Netherlands last year, did not disclose the specific amount it would receive from the new agreement, pending regulatory approval. The company indicated that it and its partners would retain a 10 per cent stake.
Ferrovial, known for constructing and managing highways and airports, is concentrating on expanding its presence in the US, including a new terminal project at New York’s John F. Kennedy International Airport.
The sale of Ferrovial’s stake in Heathrow is expected to be finalized by the end of 2024.
Simultaneously, Ferrovial is considering potentially selling stakes in three other British airports – Aberdeen, Glasgow, and Southampton – alongside its partner, Australian financial group Macquarie, as disclosed by a Ferrovial executive in May.
Activity in the European airport sector has been brisk, highlighted by Vinci Airports’ recent acquisition of a 50.1 per cent stake in Edinburgh Airport.
