Ardian and Saudi Arabia’s Public Investment Fund (PIF) have revised their agreements to acquire stakes in Heathrow Airport Holdings after certain shareholders decided to sell additional shares.
In November last year, Ferrovial, the largest shareholder in Heathrow Airport Holdings, agreed to sell its 25% stake in Heathrow Airport for £2.4bn (€2.24bn) to Ardian and the Saudi sovereign wealth fund in separate deals.
At the time, Spanish transport company Ferrovial said it had agreed to sell a 15% interest in Heathrow Airport’s parent company FGP Topco to France-based Ardian and the remaining 10% to the Saudi sovereign wealth fund.
In the latest update, Ardian said it has entered into a revised agreement to acquire a 22.6% stake in TopCo, from Ferrovial and certain other TopCo shareholders, while Saudi Arabia’s PIF will acquire 15% of TopCo concurrently from the sellers, through separate vehicles.
The agreement is a result of certain shareholders of TopCo electing to exercise their “tag along rights in respect of shares representing 35% of the share capital of TopCo”.
Once completed, the sellers will retain shares representing 10% of the issued share capital of TopCo, in the same pro rata proportions, Ardian added.
The deal, will make Ardian and PIF shareholders in London’s largest airport alongside Qatar Investment Authority (20%), Caisse de dépôt et placement du Québec (12.62%), Singapore’s sovereign wealth fund GIC (11.2%), Australian Retirement Trust (11.18%), China Investment Corporation (10%) and the UK’s Universities Superannuation Scheme (10%).
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