Saudi Arabia’s Public Investment Fund (PIF) has struck a share purchase agreement to acquire a 10% stake in FGP TopCo (TopCo), the holding company of Heathrow Airport Holdings Ltd, from Ferrovial SA.
Under the terms of the agreement, PIF will acquire 10% in TopCo, and Ardian, through its infrastructure funds, will acquire 15% through separate vehicles. The transaction is subject to complying with ROFO (Right of First Offer) and full tag-along rights.
“PIF is pleased to invest in Heathrow, a world-class airport which acts as a key gateway to the world. PIF’s investment in Heathrow aligns with its strategy to support the business as a long-term partner,” the sovereign wealth fund said in a press statement.
Heathrow is one of the world’s largest air traffic platforms, connecting the UK with global trading partners to help stimulate economic growth.
PIF also owns Newcastle United FC’s soccer club in the UK, as part of a broader push to invest in sports assets. The fund also owns a stake in Aston Martin, the UK carmaker.
