Ferrovial has entered into an agreement to sell its entire stake (c.25%) in FGP Topco, parent company of Heathrow Airport Holdings Ltd., for £2.4 billion.
The agreement has been reached with two different buyers, French private equity investment firm Ardian and Saudi Arabia’s Public Investment Fund, who would acquire Ferrovial’s shareholding in c.15% and c.10% stakes respectively, through separate vehicles.
Ferrovial said the transaction is subject to complying with right of first offer (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.
Full completion of the acquisition under the agreement is also subject to the satisfaction of applicable regulatory conditions.
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.”
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