Source: AFP
Spanish infrastructure giant Ferrovial has announced it is offloading its remaining 25% stake in London Heathrow Airport to a French private equity group and a Saudi sovereign wealth fund.
After owning the British travel hub for 17 years, Ferrovial said on Tuesday it had struck a 2.37 billion pound ($3.01 billion) deal with Paris-based Ardian and Riyadh’s Public Investment Fund (PIF).
Under the terms of the deal, Ardian will buy 15 percent of FGP Topco, the holding company that controls the UK’s busiest airport, and Saudi Arabia’s sovereign wealth fund will take 10 percent, according to a statement released by Spanish construction giant.
“Over the past 17 years, we have been helping to transform Heathrow, together with our fellow shareholders, achieving some outstanding milestones across our long-term position as an investor,” said Luke Bugeja, head of Ferrovial’s airports business.
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“We are very pleased to have made Heathrow one of the most connected airports in the world and the busiest airport in Europe.”
The transport infrastructure management specialist manages a vast portfolio of global assets, including airport interests in Turkey and New York.
It bought its stake in Heathrow Airport in a takeover in 2006 and originally owned 56 per cent of the hub. But it has gradually reduced its share in recent years.
In 2012, the group sold 10.62 percent to Qatar Holding for 478 million pounds, followed by a 5.72 percent stake in China’s CIC International for 319 million euros ($415 million).
Last month, Heathrow said it recorded its highest September passenger count of more than seven million, which also marked the first time it surpassed pre-pandemic traffic figures.
Ferrovial said it remains “fully committed to promoting its airport business” and retains a 50 percent stake in three other UK hubs — Aberdeen, Glasgow and Southampton — as well as a 60 percent stake in Turkey’s Dalaman Airport and a 49 percent stake in the new Terminal 1 at JFK Airport in New York;
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This summer, the company angered the Spanish government by moving its headquarters to the Netherlands in a decision it said would give it access to cheaper credit and make it more attractive to investors ahead of a planned U.S. stock listing.
Source: AFP