Infrastructure giant Ferrovial stated that it has reached a new agreement with French private equity fund Ardian and Saudi Arabia’s Public Investment Fund (PIF) to sell the bulk of its 25 percent stake in Heathrow airport while keeping 5.25 percent.
Under the terms of the revised agreement, infrastructure funds managed and advised by Ardian will acquire 22.6 percent while Saudi Arabia’s Public Investment Fund will acquire 15.0 percent of TopCo concurrently from the Sellers, through separate vehicles.
As per the statement, “Each of the Sellers will sell a pro rata portion of their shares prior to the transaction and remain as continuing shareholders of TopCo. Following completion of the transaction, the Sellers will retain shares representing 10.0 percent of the issued share capital of TopCo, in the same pro rata proportions.”
Ferrovial that builds and manages highways and airports is focusing on its expansion in the United States, where it is building a new terminal at New York’s John F. Kennedy International Airport.
The company said in a statement that it expects to complete the Heathrow sale by the end of 2024.
According to the statement, “The transaction is subject to complying with right of first offer and full tag-along rights which may be exercised by the other TopCo shareholders pursuant to the Shareholders’ Agreement and the Articles of Association of TopCo. In addition, completion of the acquisition under the agreement is subject to the satisfaction of applicable regulatory conditions.”
