Ferrovial Sells Its Stake in Heathrow for $2 Billion

In a significant transaction for the aviation sector, Ferrovial and other shareholders completed the sale of a substantial portion of their shares in FGP Topco Ltd., the parent company of Heathrow Airport Holdings Ltd.
Ferrovial divested 19.75% of its shares, while other shareholders known as Tagging Shareholders sold 17.87%.
The total 37.62% stake was acquired by investment firms Ardian and PIF.
With this transaction, Ferrovial's stake in FGP Topco decreased to 5.25%, while the total stake of Tagging Shareholders became 4.75%. The new shareholders Ardian and PIF took approximately 22.6% and 15.0% of FGP Topco's share capital, respectively.
This transaction, which meets all necessary regulatory conditions, is expected to yield an estimated profit of 2.5 billion euros for Ferrovial by the end of 2024. This figure includes 2 billion euros from the share sale and an additional 500 million euros resulting from the valuation of its remaining 5.25% stake. This stake will now be accounted for as a financial investment at fair value, with changes reflected in the financial statements through profit or loss.