Saudi’s PIF to acquire 10% stake in Heathrow Airport

RIYADH and LONDON– The Kingdom of Saudi Arabia’s Public Investment Fund (PIF) has 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, one of the world’s largest sovereign wealth funds, will acquire 10% in TopCo. And Ardian, a world-leading private investment house, managing or advising $156bn of assets on behalf of more than 1,470 clients globally, via its infrastructure funds, will acquire 15% of Heathrow Airport.

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

PIF says it is pleased to be investing in Heathrow, a world-class airport, which acts as a key gateway to the world. Heathrow is one of the world’s largest air traffic platforms, connecting the UK with global trading partners to help stimulate economic growth.