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Shareholders accounting for an additional 35% stake in London Heathrow Airport are set to join Ferrovial’s move to offload its stakes, Bloomberg reported. This move will kick the amount of stakes up for grabs up to 60%. Saudi sovereign wealth Public Investment Fund’s (PIF) intention to acquire a 10% stake are so far unaffected by the move, sources told the outlet.
What stake sale? Ferrovial said it would be selling its entire 25% stake in FGP Topco, the airport’s parent company, for GBP 2.4 bn. It named the buyers as the KSA’s sovereign wealth fund, the Public Investment Fund (PIF), which will be acquiring a 10% stake, and Paris-based equity firm Ardian which will be acquiring a 15% stake through separate vehicles.
The PIF will stick by its planned 10% stake in Heathrow’s parent, while Aridan is considering to up its stake size, Bloomberg adds, citing sources with knowledge of the matter.
But there’s a caveat: Ferrovial’s stake sale is subject to a condition — dubbed “tag along rights — which entitles other stakeholders in Heathrow to sell their shares at the same price as Ferrioval.
GCC-based organizations are heavily established in British logistics infrastructure: Qatar’s Investment Authority currently holds a 20% stake at Heathrow, while the UAE’s DP World manages ports and terminals at London Gateway and Southampton.
