French private investment company Ardian has become the largest shareholder of London’s Heathrow Airport as its transaction to acquire a 22.6% stake has been completed.
The company announced on December 12 that it had completed the acquisition of a 22.6% stake in FGP Topco Ltd (TopCo), the holding company for Heathrow Airport Holdings Ltd, from Spain-based construction firm Ferrovial and other TopCo shareholders.
Concurrently, Saudi investment fund PIF has acquired 15% of TopCo from the same shareholders through a separate transaction. The transactions value Heathrow at £8.3bn.
In the UK, Ardian was a 49% shareholder of London Luton Airport from 2013 until 2018. During Ardian’s period of ownership, a significant redevelopment of the terminal, transport links and infrastructure was successfully completed in cooperation with Luton Borough Council.
In Italy, Ardian is an indirect shareholder of Milan Linate, Milan Malpensa, Naples and Turin airports alongside their regions and municipalities.
Lord Deighton, chairman of Heathrow Airport Holdings, said: “Heathrow is a vital national asset connecting the UK to the world and driving prosperity in every corner of the country. We’re delighted to welcome Ardian and PIF as new shareholders and investors in Heathrow’s future.
“We have a board of experienced infrastructure investors committed to our long-term development and growth, supporting our strategic journey to make Heathrow an extraordinary airport, fit for the future.”
Juan Angoitia Grijalba, co-head of infrastructure Europe and senior managing director, Ardian, commented: “The UK is a priority market for Ardian, and this transaction builds on our 17-year track record of successful infrastructure investments in the country.
“Our investment in Europe’s leading airport and the UK’s international gateway will draw on Ardian’s expertise in aviation, including previous investments in London Luton Airport and stakes in six airports in Italy.”
