LONDON- France-based private equity firm Ardian and Saudi Arabia’s wealth fund have proposed a revised deal to purchase 37.6% of London Heathrow Airport (LHR) for £3.26 billion ($4.26 billion).
This new offer increases their investment in the London hub after other shareholders joined Ferrovial SE in selling their stakes.
London Heathrow Airport Stake Sell
Ardian, a leading global private investment house, announced today that it has entered into a revised agreement to acquire approximately 22.6% of FGP Topco Ltd. (TopCo), the holding company of Heathrow Airport Holdings Ltd., from Ferrovial S.E. and certain other TopCo shareholders.
In November 2023, Ardian announced an agreement to acquire 15% of TopCo from Ferrovial. In January 2024, some TopCo shareholders (the Tagging Shareholders) opted to exercise their tag-along rights for shares representing 35% of TopCo’s share capital.
The parties have been working to fulfill the conditions for the sale of these tagged shares alongside Ferrovial’s shares. Following constructive discussions, Ardian has now entered into a revised agreement to acquire around 22.6% of TopCo from Ferrovial and some Tagging Shareholders (collectively, the Sellers).
Under the revised agreement, Ardian’s infrastructure funds will acquire about 22.6%, while Saudi Arabia’s Public Investment Fund will acquire approximately 15.0% of TopCo concurrently from the Sellers, through separate vehicles. Each Seller will sell a proportional portion of their shares before the transaction and remain as continuing shareholders of TopCo.
After the transaction, the Sellers will retain shares representing 10.0% of TopCo’s issued share capital, in the same pro rata proportions.
Ardian is pleased to have worked closely with all parties to reach this revised agreement and reiterates its strong commitment to investing in the UK.
Sustainable Growth
Ardian actively supports its assets to accelerate their transformation by leveraging data and new technologies to reduce emissions, create more sustainable revenue sources, enhance independence, and resilience to external shocks, and improve their impact on local and global environments.
Through Ardian AirCarbon, an innovative in-house solution supporting airports in their sustainability strategies towards net zero by monitoring carbon emissions and simulating decarbonization trajectories, Ardian aims to accelerate the decarbonization of the entire sector.
The transaction is subject to compliance with the right of first offer and full tag-along rights that may be exercised by other TopCo shareholders according to the Shareholders’ Agreement and the Articles of Association of TopCo.
Additionally, the completion of the acquisition under the agreement is subject to the satisfaction of applicable regulatory conditions.
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