Ardian has entered into an agreement to acquire a 15% stake in FGP TopCo (TopCo), the holding company of Heathrow Airport Holdings Ltd, from Ferrovial S.A. Under the terms of the agreement, infrastructure funds managed and advised by Ardian will acquire 15% while Saudi Arabia’s Public Investment Fund will acquire 10% of TopCo concurrently from Ferrovial through separate vehicles
This investment in the British aviation hub builds on Ardian’s expertise in aviation, including previous investments in London Luton Airport and significant stakes in six Italian Airports. Heathrow is a strategic asset for the UK economy and plays a key role enhancing global connectivity. It fits with Ardian’s strategy of investing in significant infrastructure in its core markets.
Ferrovial became a majority investor in Heathrow in 2006, and will now be offloading its entire holding via these two deals.
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.