The Public Investment Fund has agreed to buy a 10% stake in Heathrow Airport, following Spanish infrastructure giant Ferrovial’s announcement that it will sell its 25% share in Europe’s busiest airport to the PIF and to French firm Ardian, which will secure a 15% stake.
Ferrovial has been the airport’s largest shareholder since 2006 and said it will gain almost £2.4 billion from the holding. The decision comes after reports last year that the investor had sought to offload its stake following the sharp recovery in traveler numbers. In November 2023 seven million passengers travelled through Heathrow, up 19% on the same month last year.
The PIF will become the latest sovereign wealth fund to own a share in the airport
The PIF will become the latest sovereign wealth fund to own a share in the airport, joining the Qatar Investment Authority, which is a stakeholder in Heathrow’s parent company, FGP Topco.
Luke Bugeja, chief executive of Ferrovial, 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, 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.”
The completion of the stake sale is subject to regulatory approval.