Ferrovial sells Heathrow stake for 2 billion euros

In a major transaction for the aviation industry, Ferrovial, along with other shareholders, has completed the sale of a significant portion of their stake in FGP Topco Ltd., the parent company of Heathrow Airport Holdings Ltd.

Ferrovial offloaded 19.75% of its shares, while the remaining shareholders, collectively known as the Tagging Shareholders, sold 17.87%.

The total 37.62% stake was acquired by investment firms Ardian and PIF.

With this deal, Ferrovial’s holding in FGP Topco is now reduced to 5.25%, and the Tagging Shareholders’ combined stake stands at 4.75%. The new shareholders, Ardian and PIF, have taken on approximately 22.6% and 15.0% of FGP Topco’s share capital, respectively.

The transaction, which met all requisite regulatory conditions, is set to yield Ferrovial an estimated profit of 2.5 billion euros at the end of 2024. This figure includes 2 billion euros from the sale of shares and an additional 500 million euros from the valuation of their retained 5.25% stake, which will now be accounted for as a financial investment at fair value, with changes recognized through profit and loss.

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