{"id":87190,"date":"2024-06-23T00:00:00","date_gmt":"2024-06-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/"},"modified":"2024-06-23T00:00:00","modified_gmt":"2024-06-23T00:00:00","slug":"pif-is-getting-more-of-heathrow-airport","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/","title":{"rendered":"PIF is getting more of Heathrow Airport"},"content":{"rendered":"

A revised play for Heathrow: <\/strong>The Public Investment Fund (PIF) and Paris-based equity firm Ardian have reached a revised agreement with Spanish infrastructure company Ferrovial for the acquisition of part of its stake in London\u2019s Heathrow Airport, according to statements from Ferrovial and Ardian (here<\/a> and here<\/a>). The revised agreement will see the PIF and Ardian acquire a 37.6% stake in the airport for GBP 3.3 bn (c.USD 4.1 bn).<\/p>\n

What we know: <\/strong>Ferrovial has been looking in the past months to divest its entire stake in FGP Topco, the airport\u2019s parent company. Under the revised agreement, the PIF will acquire a 15% stake in FGP Topco, while Ardian will take control of a 22.6% stake, according to the statement. The acquisitions will be executed through separate vehicles. PIF had previously entered a binding agreement with FGP Topco in November<\/a> to acquire a 10% stake. The previous agreement also included Ardian grabbing a 15% stake, bringing the total value of the agreement at the time to GBP 2.4 bn. <\/p>\n

It\u2019s been months in the making, with a major sticking point to resolve: <\/strong>The revised agreement comes after some of FGP Topco shareholders exercised their tag-along rights as they look to offload a 35% stake, according to Ferrovial. The shareholders had demanded<\/a> that they be bought out to avoid blocking the full sale. The transaction remains subject to the right of first offer and full tag-along rights that could be exercised by other Topco shareholders. It also remains subject to regulatory approval.<\/p>\n

SOUND SMART- <\/strong>If a shareholder exercises tag-along rights, the buyer must take their shares at the same price it offered other shareholders \u2014 or walk away.<\/p>\n

IN OTHER M&A NEWS-<\/p>\n

Shell beat oil giant <\/strong>Aramco\u2019s bid<\/a><\/strong> for the acquisition of Singapore\u2019s state-owned<\/strong> investment firm Temasek\u2019s liquefied natural gas <\/strong>trading business Pavilion Energy<\/strong>, Shell and Temasek said in separate statements (here<\/a> and here<\/a>). The purchase comes a few months after Temasek shortlisted Shell and Aramco for the sale of its LNG subsidiary\u2019s assets. No purchase price was disclosed but Temasek valued Pavilion Energy at USD 3.6 bn at end of March 2023, Financial Times<\/a> reported. The transaction\u2019s value reportedly came in lower as it excludes Pavilion\u2019s stake in a gas project in Tanzania, the salmon-colored paper reports, citing a source it says is in the know.<\/p>\n","protected":false},"excerpt":{"rendered":"

French Ardian also snapped up a 22.6% stake<\/p>\n","protected":false},"author":1,"featured_media":87191,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[93,10,1734,66,31,14,1151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-aviation","tag-enterpriseam-ksa","tag-heathrow-airport","tag-infrastructure","tag-investment-watch","tag-ma-watch","tag-public-investment-fund-pif","wpautop","entry"],"acf":{"mongo_id":"2f9dc4b3-994a-4503-a873-c8280e953755","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1341.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF + Ardian to grab 37.6% stake of Heathrow Airport","related_issue":[87185],"teaser":"French Ardian also snapped up a 22.6% stake","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.10ec5e58-4142-436d-940b-3629e7087665.mp3"},"yoast_head":"\nPIF is getting more of Heathrow Airport - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PIF is getting more of Heathrow Airport\" \/>\n<meta property=\"og:description\" content=\"French Ardian also snapped up a 22.6% stake\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/\" \/>\n<meta property=\"og:site_name\" content=\"KSA\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-23T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1341.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"PIF is getting more of Heathrow Airport\",\"datePublished\":\"2024-06-23T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/\"},\"wordCount\":393,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1341.jpg?fit=%2C&ssl=1\",\"keywords\":[\"AVIATION\",\"EnterpriseAM KSA\",\"Heathrow Airport\",\"infrastructure\",\"INVESTMENT WATCH\",\"M&A WATCH\",\"Public Investment Fund (PIF)\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/\",\"name\":\"PIF is getting more of Heathrow Airport - KSA\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1341.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2024-06-23T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1341.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1341.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/ksa\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"PIF is getting more of Heathrow Airport\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#website\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/\",\"name\":\"KSA\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/ksa\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\",\"name\":\"KSA\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42482.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42482.svg\",\"caption\":\"KSA\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/ksa\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"PIF is getting more of Heathrow Airport - KSA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/","og_locale":"en_US","og_type":"article","og_title":"PIF is getting more of Heathrow Airport","og_description":"French Ardian also snapped up a 22.6% stake","og_url":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/","og_site_name":"KSA","article_published_time":"2024-06-23T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1341.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"PIF is getting more of Heathrow Airport","datePublished":"2024-06-23T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/"},"wordCount":393,"publisher":{"@id":"https:\/\/enterpriseam.com\/ksa\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1341.jpg?fit=%2C&ssl=1","keywords":["AVIATION","EnterpriseAM KSA","Heathrow Airport","infrastructure","INVESTMENT WATCH","M&A WATCH","Public Investment Fund (PIF)"],"articleSection":["M&A WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/","url":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/","name":"PIF is getting more of Heathrow Airport - KSA","isPartOf":{"@id":"https:\/\/enterpriseam.com\/ksa\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1341.jpg?fit=%2C&ssl=1","datePublished":"2024-06-23T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1341.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1341.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-is-getting-more-of-heathrow-airport\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/ksa\/"},{"@type":"ListItem","position":2,"name":"PIF is getting more of Heathrow Airport"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/ksa\/#website","url":"https:\/\/enterpriseam.com\/ksa\/","name":"KSA","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/ksa\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/ksa\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/ksa\/#organization","name":"KSA","url":"https:\/\/enterpriseam.com\/ksa\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42482.svg","contentUrl":"https:\/\/ent.news\/internal\/42482.svg","caption":"KSA"},"image":{"@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/ksa\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1341.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1341.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/ksa\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1341.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/posts\/87190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/comments?post=87190"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/posts\/87190\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/issue\/87185"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/media\/87191"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/media?parent=87190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/categories?post=87190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/tags?post=87190"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/brand?post=87190"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=87190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}