Ferrovial sell LHR stake

[Clive]

Ferrovial announces agreement to sell its stake in Heathrow, subject to certain rights of the other shareholders
PRESS RELEASES

Heathrow Airport, Terminal 5A, airside, departure lounge, August 2009. Image Ref CHE06222d, DH
Ferrovial announces the sale of its 25% stake in Heathrow Airport Holdings for 2,368 M GBP
The two buyers are Ardian and The Public Investment Fund
Ferrovial became majority shareholder of Heathrow in 2006

28 OF NOVEMBER OF 2023
Ferrovial announces that an agreement has been reached for the sale of its entire stake (c.25%) in FGP Topco, parent company of Heathrow Airport Holdings Ltd., for 2,368 million pounds. The current book value of Ferrovial’s stake in Heathrow Airport Holdings Ltd. as per Ferrovial’s consolidated accounts is zero. The agreement has been reached with two different buyers, Ardian and The Public Investment Fund, who would acquire Ferrovial’s shareholding in c.15% and c.10% stakes respectively, through separate vehicles.

The transaction is subject to complying with right of first offer (ROFO) and full tag-along rights, which may be exercised by the other FGP Topco shareholders pursuant to the Shareholders’ Agreement and the Articles of Association of the company.

Full completion of the acquisition under the agreement is also subject to the satisfaction of applicable regulatory conditions.

Luke Bugeja, CEO, Ferrovial Airports said: “Over the last 17 years, we have been contributing to Heathrow’s transformation, together with our fellow shareholders, achieving some excellent milestones throughout our long-term role as investor. These include overseeing an investment of £12 billion pounds, expanding its capacity with the construction of Terminal 2, and improving its operational performance. We are very pleased to have made Heathrow one of the world’s most connected airports and the busiest airport in Europe.”

Ferrovial has been an active part of the aviation industry since 1998, becoming one of the most experienced companies managing and developing the world’s top airports. Ferrovial remains fully committed to advancing its airport business and investing in the sector, in which it holds a 50% share in Aberdeen, Glasgow and Southampton airports in the United Kingdom, a 60% in Dalaman Airport in Turkey and 49% in JFK Airport New Terminal One in New York

[Bearsden]

Selling something for £2.4 billion when 'The current book value of Ferrovial’s stake in Heathrow Airport Holdings Ltd. as per Ferrovial’s consolidated accounts is zero.' is a clever trick!

Interesting to see what they do with only JKF T1, AGS & Dalaman in their airports portfolio

Their Investor Relations content is still stating 'Glasgow is the second busiest airport in Scotland after Edinburgh and is the largest for long-haul flights, connecting Scotland with Asia and the North Atlantic.' - perhaps a bit more focus away from Heathrow would help them understand GLA's business

[McG]

So a 10% stake is being sold to the Saudi’s. Existing investors include the Qatari’s with 20% and Singapore with just over 11%.