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Eye of Riyadh
Business & Money | Wednesday 29 November, 2023 11:07 am |
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PIF signs binding agreement with Ferrovial to buy 10% of Heathrow Airport

The Public Investment Fund (PIF) entered into a share purchase agreement to acquire a 10% stake in FGP TopCo (TopCo), the holding company of Heathrow Airport Holdings Ltd, from Ferrovial S.A.

 

Under the terms of the agreement, PIF will acquire 10% in TopCo, and Ardian through its infrastructure funds will acquire 15%, the PIF said in an emailed statement to Argaam today, Nov. 29.

The PIF and Ardian will invest separately.

 

The transaction is subject to complying with ROFO (Right of First Offer) and full tag-along rights, which may be exercised by other TopCo shareholders pursuant to the Shareholders’ Agreement and the Articles of Association of the company, in addition to satisfaction of applicable regulatory conditions.

 

The Kingdom’s sovereign wealth fund said it is pleased to be investing in Heathrow, a world-class airport, which acts as a key gateway to the world. PIF’s investment in Heathrow is in line with its strategy to support the business as a long-term partner.

 

Heathrow is one of the world’s busiest airports, connecting the UK with global trading partners to help stimulate economic growth.

 

In a separate statement, Spain’s Ferrovial said it will sell its 25% holding in FGP TopCo to PIF and France-based Ardian for GBP 2.37 billion ($3.01 billion).

 

Source : Argaam 

 

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