Diario Sur - Diario de Málaga. Noticias de Malaga

Sections

Services

Highlight

Delete
Heathrow Airport. R.C.
Spanish company sells 20% share in London's Heathrow Airport for whopping two billion euros
Business

Spanish company sells 20% share in London's Heathrow Airport for whopping two billion euros

In November, the multinational announced it had agreed to sell its 25% stake but its partners exercised their rights of first refusal

Amparo Estrada

Amparo Estrada

Madrid

Tuesday, 18 June 2024, 15:15

Spain's multinational transport infrastructure, construction and energy multinational Ferrovial has reached an agreement with its partners to jointly sell 37.62% of Heathrow Airport in London to Ardian and PIF (the sovereign fund of Saudi Arabia) for 3.26 billion pounds (3.87 billion euros at the current exchange rate).

The company chaired by Rafael del Pino will sell only part of its holding, 19.75% of the London airport and will remain as a minority shareholder with 5.25%, according to the information sent to the National Securities Market Commission ( CNMV). This means that it will sell almost 20% of its share for 1.71 billion pounds, around 2 billion euros..

The company said the agreement involves the pro rata sale of part of its shareholding in FGP Topco. Following the sale, Ferrovial and the accompanying shareholders selling at the same time will hold shares representing 10% of FGP Topco's share capital. Ardian and PIF will hold shares representing, respectively, approximately 22.6% and 15%, through separate vehicles.

In November, Ferrovial announced it had agreed to sell its 25% stake in Heathrow Airport to Ardian and PIF, but its partners decided in January to exercise their rights of first refusal and sell as well, adding a further 35% of the equity to the sale. In total, buyers were offered a 60% stake, far more than they had originally intended to acquire. This led to a delay in the transaction. During these past few months, the parties have been working on different options to satisfy the condition that the accompanying shares be sold together with Ferrovial's stake.

The transaction is subject to the fulfilment of preemptive acquisition rights and full accompanying rights, which can be exercised by the remaining shareholders of FGP Topco under the shareholders' agreement and the articles of association of FGP Topco. It is also subject to compliance with the applicable regulatory conditions. Therefore, the company indicated that there is no certainty that the agreed transaction will be closed.

Publicidad

Top 50
  1. 1 Costa del Sol town will be 'one of the most spectacular areas in southern Europe', according to mayor
  2. 2 Junta gives green light to Costa del Sol road widening project
  3. 3 Water supply in Malaga town to be cut from Monday night to 'improve municipal network'
  4. 4 Violent death in Malaga village: 'my brother died to save my life'
  5. 5 65-year-old suffers heart attack while playing walking football on Costa del Sol
  6. 6 Police appeal for public's help to find missing 13-year-old Gibraltar girl
  7. 7 Torremolinos closed December with record drop in number of unemployed
  8. 8 Stoppage-time strike sinks Malaga CF in thrilling match
  9. 9 Demolition complete of building on land earmarked for new cultural centre in Benalmádena
  10. 10 Torremolinos considers discount scheme for municipal lift service

Publicidad

Publicidad

Publicidad

Esta funcionalidad es exclusiva para suscriptores.

Comentar es una ventaja exclusiva para registrados

¿Ya eres registrado?

Inicia sesión
Espacios grises

Reporta un error en esta noticia

* Campos obligatorios

Política de privacidad

surinenglish Spanish company sells 20% share in London's Heathrow Airport for whopping two billion euros