PIF secures 10% stake in Heathrow through agreement with Ferrovial – Saudi Gazette

PIF secures 10% stake in Heathrow through agreement with Ferrovial – Saudi Gazette

Saudi Gazette reportRIYADH — Saudi Arabia’s Public Investment Fund (PIF) on Wednesday officially confirmed its entry into a share purchase agreement with Spanish infrastructure giant Ferrovial S.A., marking the acquisition of a 10% stake in FGP TopCo (TopCo). TopCo serves as the holding company for Heathrow Airport Holdings Ltd.The agreement stipulates that PIF will secure the 10% ownership in TopCo, while French-based Ardian, through its infrastructure funds, will independently acquire a 15% stake. The transaction's execution is contingent upon adherence to the Right of First Offer (ROFO) and full tag-along rights, exercisable by other TopCo shareholders in accordance with the Shareholders’ Agreement and the Articles of Association. Additionally, the completion of the deal is subject to meeting relevant regulatory conditions.Expressing satisfaction with the venture, PIF underscored its investment in Heathrow, a globally renowned airport functioning as a vital gateway to the world. This move aligns seamlessly with PIF's overarching strategy to play a supportive, long-term role in advancing Heathrow's business objectives.Heathrow, recognized as one of the world’s largest air traffic hubs, plays