Ardian, PIF to buy 25% stake in Heathrow Airport

FGP TopCo is the holding company of Heathrow Airport.

  • Ferrovial is the seller
  • Ardian and PIF will acquire 15 percent and 10 percent, respectively
  • Ardian is a private investment firm based in Paris

Ardian and PIF have agreed to acquire a 25 percent stake in FGP TopCo, the holding company of Heathrow Airport Holdings, for £2.38 billion ($3.01 billion; €2.74 billion), from Ferrovial, which is selling its entire stake.

Ardian and PIF will acquire a 15 percent and 10 percent stake, respectively, as per the agreement.

This investment builds on Ardian’s expertise in aviation, including previous investments in London Luton Airport and significant stakes in six Italian Airports.

“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,” said Luke Bugeja, CEO, Ferrovial Airports. “These include overseeing an investment of £12 billion pounds, expanding its capacity with the construction of Terminal 2, and improving its operational performance.”

The transaction is subject to complying with ROFO and full tag-along rights which may be exercised by the other FGP Topco shareholders pursuant to the shareholders’ Agreement and the Articles of Association of the company.

Ferrovial is a global infrastructure operator based in Amsterdam, the Netherlands.

Ardian is a private investment firm that manages $156 billion of assets. It is based in Paris.

PIF is the sovereign wealth fund of Saudi Arabia.

Heathrow Airport Holdings owns and runs London Heathrow Airport, Britain’s aviation hub.