Ferrovial departs from Heathrow

Ferrovial departs from Heathrow

HEATHROW AIRPORT: Ferrovial sells its 25 per cent stake Photo credit: CC/Orderinchaos

SPANISH multinational Ferrovial is selling its 25 per stake in Heathrow airport for £2.4 billion (€2.7 billion).

Ten per cent will go to Saudi Arabia’s sovereign wealth fund run by the Saudi crown prince, Mohammed bin Salman, and 15 per cent to the French private equity firm Ardian.

The sale must first obtain regulatory clearance and it is also dependent on the rights of other shareholders in FGP Topco, Heathrow’s parent company. These include the Qatar Investment Authority and the Australian Retirement Trust.

Ferrovial began trimming down its 56 per cent stake in Heathrow in 2012 and has held an unchanging 25 per cent since 2013.

Heathrow is currently running at a loss but the shortfall began to contract this year as passenger numbers returned to 2019 levels, following the pandemic restrictions which at one stage grounded practically all air traffic worldwide.

The airport received 59.4 million passengers between January 1 and September 30, a 34.4 per cent increase on the same nine months in 2022.

Ferrovial, which has a 50 per cent holding in Aberdeen, Glasgow and Southampton airports and owns 49 per cent of Terminal One at New York City’s JFK, remains “fully committed” to carry on investing in its airport interests,  Luke Bugeja, Ferrovial Airports’ chief executive said.

When the markets opened on November 29, Ferrovial shares rose 2.5 per cent while Banco Sabadell analysts were quoted in the UK media as saying that the company would now be able to invest in projects “with more attractive returns than Heathrow.”

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.