Ardian, Saudi Fund Offer to Buy 38% of Heathrow for £3.3 Billion - Bloomberg
Private equity firm Ardian and Saudi Arabia’s wealth fund have offered to buy 37.6% of Heathrow Airport for £3.26 billion ($4.26 billion), in a revised deal that increases their commitment to the London hub after other shareholders joined Ferrovial SE in selling.
The revised deal has been accepted by Spain’s Ferrovial, the largest current shareholder in Heathrow, according to a statement Friday. Paris-based Ardian will take a 22.6% stake, while the Saudi Public Investment Fund will own 15%. Ferrovial will remain as a shareholder with 5.25%, according to the statement.
The new agreement would address so-called “tag along rights” which gave other shareholders the right to join Ferrovial after the original deal was reached in November. At the time, the Spanish infrastructure firm said it was selling its 25% stake to Ardian and PIF. The Saudi fund was set to buy 10% of Heathrow’s parent, while Ardian would take a 15% stake.
Other shareholders subsequently exercised their rights to sell a portion of their shares.
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