Ferrovial has put an end to its most emblematic international investment with the sale of 25% of London’s Heathrow airport, the largest in the United Kingdom and at times in Europe, for 2,368 million pounds (2,736 million euros).
The buyers are the French investment firm Ardian and the Saudi sovereign fund Public Investment Fund (PIF), the same one that, through Saudi Telecom, has bought 5% of Telefónica and has parked another 4.9% to reach 9 .9%. In August 2022, Ferrovial already received expressions of interest from these two shareholders.
The Spanish company acquired 55.87% of Heahrow in 2006 and, six years later, it first divested 10.6%, which it sold to the Qatari fund, and then another 5%, until gradually reducing the participation at the current 25%.
As indicated to the CNMV, the current book value of the participation is zero, so a strong capital gain will be recorded. He also points out that Ardian will buy 15% and Saudi Arabia, another 10%.
The operation is subject to compliance with regulatory conditions and also to none of the remaining shareholders exercising their preemptive acquisition right.
These shareholders that could take advantage of to increase their shareholding are Qatar, which has 20%; Caisse de Dépôt et Placement du Québec, with 12.62%; the Singapore sovereign fund GIC, with 11%; the North American fund Alinda Capital Partners, with 11.18%; China Investment Corporation (CIC), with 10%, and Universities Superannuation Scheme, which has another 10%.
In its 17 years as a Heathrow shareholder, Ferrovial has participated in the construction of the airport’s terminal 2, which has become the largest in Europe and which, after the pandemic hit, has experienced a progressive recovery in traffic.
More than 60 million travelers passed through its terminals last year, making it the second main airport in Europe, after Istanbul and ahead of Charles de Gaulle in Paris.
The Spanish company has already sold 100% of its Amey services company in the United Kingdom, significantly reducing its presence in the country.
In airports, it does maintain a presence in the country, with its 50% in Aberdeen, Glasgow and Southampton. It also has 60% of Dalaman, in Turkey, and 49% of the JFK terminal one project in New York, which is now one of its most striking projects.
