Ferrovial has reached an agreement with the investment fund Ardian to sell its entire stake, 5.25 percent, in FGP Topco, the parent company of Heathrow Airport Holdings, for 550.1 million euros (455 million pounds), as reported by the company to the National Securities Market Commission (CNMV).
This amount, as explained by Ferrovial, will be adjusted with an interest rate that will apply until the closing of the operation. As part of the same agreement, other Topco shareholders, including CDPQ, have also reached an agreement to sell an additional 4.75% to Ardian.
The transaction is subject to the fulfillment of the right of first offer that can be exercised by Topco shareholders under the shareholders’ agreement and the company’s bylaws.
According to the agreement, the complete closing of the transaction is also subject to compliance with the regulatory conditions that may apply.
The sale was completed this Wednesday after Ferrovial signed its exit plan from Heathrow in December with the sale of almost all of its stake. Ardian will thus acquire an additional 10% stake in Heathrow, increasing the company’s ownership to 32.6%.
