Brian Robert Marshall
The Financial Times reports that infrastructure group Ferrovial will sell its 25% ownership in the parent company of London's Heathrow airport for £2.4 billion ($3 billion). Saudi Arabia's Sovereign Investment Fund (PIF) will purchase a 10% stake in the business for £1 billion, or roughly $1.3 billion, while Ardian, one of the biggest private equity firms in Europe, will purchase a 15% stake.
Ferrovial has owned a portion of Heathrow for the past 17 years. Ferrovial Airports' chief executive, Luke Bugeja, claimed that his company had contributed to the transformation of Heathrow by "overseeing a £12bn investment" in adding a second terminal and increasing the port's operational efficiency. By 2013, the group's initial 56% ownership of Heathrow had dropped to 25%.
Ferrovial stated that it is waiting a regulatory approval for the sale of the Heathrow stakes. Additionally, rights to purchase them may be exercised by other owners of the parent company of Heathrow. These include Australian Pension Fund (11.2% stake), Singapore's sovereign wealth fund (GIC), and Qatar Investment Authority (20% stake).
source: ft.com
Ferrovial has owned a portion of Heathrow for the past 17 years. Ferrovial Airports' chief executive, Luke Bugeja, claimed that his company had contributed to the transformation of Heathrow by "overseeing a £12bn investment" in adding a second terminal and increasing the port's operational efficiency. By 2013, the group's initial 56% ownership of Heathrow had dropped to 25%.
Ferrovial stated that it is waiting a regulatory approval for the sale of the Heathrow stakes. Additionally, rights to purchase them may be exercised by other owners of the parent company of Heathrow. These include Australian Pension Fund (11.2% stake), Singapore's sovereign wealth fund (GIC), and Qatar Investment Authority (20% stake).
source: ft.com