Ferrovial has completed the sale of a substantial portion of its stake in FGP Topco Ltd., the parent company of Heathrow Airport Holdings Ltd., in a deal valued at approximately €2 billion.
As part of the transaction, Ferrovial sold 19.75% of its shares, while other stakeholders, collectively known as the Tagging Shareholders, sold an additional 17.87%. Together, the sale amounted to 37.62% of FGP Topco’s share capital.
Investment firms Ardian and the Public Investment Fund (PIF) acquired the entirety of this stake, with Ardian purchasing 22.6% and PIF taking 15.0%. As a result, Ferrovial’s remaining stake in FGP Topco has been reduced to 5.25%, while the combined stake of the Tagging Shareholders now stands at 4.75%.
The deal, which has cleared all necessary regulatory approvals, is expected to deliver Ferrovial a significant financial gain, estimated at €2.5 billion by the end of 2024. This includes €2 billion from the sale of shares, alongside an additional €500 million stemming from the valuation of Ferrovial’s retained 5.25% stake. This remaining holding will now be classified as a financial investment at fair value, with any future changes in value recorded through profit and loss.
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