Saudi’s Public Investment Fund (PIF) announced today its entry into a share purchase agreement with Ferrovial S.A. to acquire a 10 percent stake in FGP TopCo (TopCo), the holding company of Heathrow Airport Holdings Ltd. The acquisition i valued at 1 billion pound ($1.27 billion).
According to the agreement, PIF will acquire a 10 percent stake in TopCo, while private equity company Ardian, through its infrastructure funds, will acquire 15 percent through separate entities. The completion of the transaction is contingent upon compliance with the Right of First Offer (ROFO) and full tag-along rights, which can be exercised by other TopCo shareholders in accordance with the Shareholders’ Agreement and the Articles of Association of the company. Additionally, the transaction is subject to meeting relevant regulatory requirements.
Read more: Saudi’s PIF to invest SAR4 trn in real estate over next decade
PIF expresses its satisfaction in investing in Heathrow, a globally renowned airport that serves as a crucial international gateway. This investment aligns with PIF’s strategic approach of fostering long-term partnerships and support for businesses.
Heathrow stands as one of the largest air traffic platforms worldwide, facilitating connections between the U.K. and global trade partners, thereby playing a significant role in stimulating economic growth.
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