Ferrovial to offload 25% stake in Heathrow owner FGP Topco for $3bn

By Luke Barras-hill |

Ferrovial will sell its 25% stake in Heathrow Airport's owner, subject to certain conditions.

Global infrastructure investor and developer Ferrovial has announced the sale of its 25% stake in Heathrow. Source: Ferrovial.

Spain’s Ferrovial says it remains ‘fully committed’ to investing in the airport business as it announces the sale of its 25% share in Heathrow Airport Holdings’ parent FGP Topco for £2.36 billion/$3 billion.

An agreement has been reached with two separate buyers, Paris-based private equity investment firm Ardian and Saudi Arabia’s Public Investment Fund, to acquire 15% and 10% stakes, respectively, in London’s busiest airport, a statement confirmed yesterday (Tuesday).

The deal is subject to compliance with right of first offer and full tag-along rights.

These may be exercised by other FGP Topco shareholders pursuant to the shareholders agreement and the company’s articles of association, the statement continued.

Completion of the acquisition is subject to the satisfaction of applicable regulatory conditions.

A consortium including Ferrovial acquired then-known BAA in June 2006, taking an indirect shareholding of 55.87%.

‘Excellent milestones achieved’

It offloaded 10.62% to Qatar Holding LLC in 2012 and in later years reduced its share to 25%.

Today, FGP Topco is a consortium owned and led by a number of shareholders including Ferrovial (25%), the Qatar Investment Authority (20%),%), Caisse de dépôt et placement du Québec (12.62%), GIC (11.20) and others.

Luke Bugeja, CEO, Ferrovial Airports 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 pounds, 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 continues to hold a 50% share in Aberdeen, Glasgow and Southampton Airports in the UK, alongside 60% and 40% stakes in Dalaman Airport and JFK Terminal One, respectively.

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