Ferrovial announced on Tuesday evening through a statement that it has reached an agreement for the sale of its entire stake (around 25%) in FGP Topco, parent company of Heathrow Airport Holdings Ltd., for 2,368 million pounds, about 2,735 million euros. The current carrying amount of Ferrovial's stake in Heathrow Airport Holdings Ltd., according to Ferrovial's consolidated accounts, is zero. The agreement has been reached with two different buyers, Ardian and The Public Investment Fund, which would acquire Ferrovial's stake at around 15% and 10% respectively, through separate vehicles.
The transaction is subject to compliance with the rights of pre-emption (right of first offer) and full tag-alone right that may be exercised by the other shareholders of FGP Topco in accordance with the shareholders' agreement and the company's bylaws.
Full closing of the acquisition under the agreement is also subject to compliance with applicable regulatory conditions.
Luke Bugeja, CEO of Ferrovial Airports, said: "Over the past 17 years as investors, we have contributed to the transformation of Heathrow, along with the rest of the shareholders, to great achievements. These include overseeing a £12 billion investment, expanding its capacity with the construction of Terminal 000 and improving its operational performance," according to the same statement.
Ferrovial has had a strong presence in the United Kingdom for more than 20 years with all of the company's business lines. The United Kingdom continues to be a key market, in which Ferrovial remains committed to providing value and sustainable growth for each of its business lines, as well as positive social value for its customers and employees based in this market.