Saudi Arabia’s Public Investment Fund (PIF) has agreed to buy a 10% stake in Heathrow airport from Spanish infrastructure giant Ferrovial.
Another 15% in its parent company, FGP Topco, will be sold to French-based private equity fund Ardian.
Ferrovial, which has owned a stake since 2006, announced that the deal was worth £2.37bn ($3bn).
Ferrovial, which has owned a stake since 2006, announced that the deal was worth £2.37bn ($3bn).
If approved, the deal would end Ferrovial’s investment in the UK airports’ operator which started at 56% but was reduced to 25% by 2013.
Other stakeholders in FGP Topco include Qatar Investment Authority, Caisse de dépôt et placement du Québec, Singapore’s GIC, Australian Retirement Trust, China Investment Corporation and Universities Superannuation Scheme.
The airport has been losing money this year because of its significant debt which is affected by aggressive hikes in the cost of borrowing.
The Civil Aviation Authority has also decided to lower passenger charges which go towards costs for terminals runways, baggage systems and security.
The average charge per passenger at Heathrow for 2023 is £31.57 but the regulator said this would fall to £25.43 in 2024 and “remain broadly flat” until the end of 2026.
Saudi Arabia’s Public Investment Fund (PIF) has agreed to buy a 10% stake in Heathrow airport from Spanish infrastructure giant Ferrovial.
Ferrovial, which has owned a stake since 2006, announced that the deal was worth £2.37bn ($3bn).
Another 15% in its parent company, FGP Topco, will be sold to French-based private equity fund Ardian.
If approved, the deal would end Ferrovial’s investment in the UK airports’ operator which started at 56% but was reduced to 25% by 2013.
Ferrovial, which has owned a stake since 2006, announced that the deal was worth £2.37bn ($3bn).
Ferrovial, which has owned a stake since 2006, announced that the deal was worth £2.37bn ($3bn).
If approved, the deal would end Ferrovial’s investment in the UK airports’ operator which started at 56% but was reduced to 25% by 2013.
Other stakeholders in FGP Topco include Qatar Investment Authority, Caisse de dépôt et placement du Québec, Singapore’s GIC, Australian Retirement Trust, China Investment Corporation and Universities Superannuation Scheme.
The airport has been losing money this year because of its significant debt which is affected by aggressive hikes in the cost of borrowing.
The Civil Aviation Authority has also decided to lower passenger charges which go towards costs for terminals runways, baggage systems and security.
The average charge per passenger at Heathrow for 2023 is £31.57 but the regulator said this would fall to £25.43 in 2024 and “remain broadly flat” until the end of 2026.
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