Ferrovial to sell its 25% stake in London’s Heathrow for $3bln

Ferrovial to sell its 25% stake in London’s Heathrow for $3bln

MADRID - Infrastructure giant Ferrovial has reached an agreement with two different buyers to sell its entire 25% stake in Britain's busiest airport, Heathrow, for 2.37 billion pounds ($3.01 billion) the company said in a statement on Tuesday.

Ferrovial said the buyers for the stake in FGP Topco - the parent company of Heathrow Airport Holdings Ltd - were private equity fund Ardian and Saudi Arabia's Public Investment Fund (PIF). Ardian would acquire a 15% stake and PIF a 10% stake.

The transaction is subject to regulatory conditions and must comply with the right of first offer and full tag-along rights, which may be exercised by the other FGP Topco shareholders, Ferrovial added.

Ferrovial expects to complete the sale by mid-2024, according to a person familiar with the operation.

The Spanish group bought an indirect stake of 55.87% in Heathrow Airport Holdings in 2006. It sold 10.6% to Qatar Holding in 2012 and eventually reduced its stake to 25% in 2013.

In August 2022, three people familiar with the talks told Reuters about interest in Ferrovial's stake from Ardian, which discussed a possible joint proposal with PIF with its own advisers.

Earlier this month, Ferrovial said that operations at Heathrow