{"id":75229,"date":"2023-11-30T00:00:00","date_gmt":"2023-11-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/11\/30\/ksas-pif-to-nab-10-stake-in-heathrow\/"},"modified":"2023-11-30T00:00:00","modified_gmt":"2023-11-30T00:00:00","slug":"ksas-pif-to-nab-10-stake-in-heathrow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/11\/30\/ksas-pif-to-nab-10-stake-in-heathrow\/","title":{"rendered":"KSA\u2019s PIF to nab 10% stake in Heathrow"},"content":{"rendered":"

KSA\u2019s PIF set to grab 10% stake in loss making Heathrow airport: <\/strong>Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund (PIF)<\/a>, is set to grab a 10% stake in London\u2019s Heathrow airport as Spanish infrastructure company <\/a>Ferrovial<\/a> looks to offload stakes in the one of Europe\u2019s busiest travel hubs, a <\/a>statement by the PIF<\/a> read. <\/p>\n

What we know: <\/strong>Ferrovial said it will be selling its entire 25% stake in FGP Topco, the airport\u2019s parent company, for GBP 2.4 bn, according to a statement<\/a>. It named the buyers as the PIF, which will be acquiring a 10% stake, and Paris-based equity firm <\/a>Ardian<\/a> which will be acquiring a 15% stake through separate vehicles, it said. <\/p>\n

The transaction is still subject to complying with the Right of First Offer (ROFO) <\/strong>and prerogatives that could be exercised by other Topco shareholders, PIF said. It will also need to clear regulatory conditions, it added.<\/p>\n

Qatar\u2019s sovereign wealth fund also holds stakes in Heathrow: <\/strong>The airport\u2019s <\/a>shareholders include<\/a>Qatar Investment Authority<\/a>, which owns a 20% stake, Singapore sovereign wealth fund GIC<\/a> and the Australian Retirement Trust<\/a>, each holding a 11.2% stake, and others. <\/p>\n

Ferrovial has been divesting bits and pieces: <\/strong>The Spanish company had an initial stake of 56% in Heathrow but it had to lower it to 25% by 2013. Aside from Heathrow, it owns a 50% stake in UK\u2019s Aberdeen, Glasgow and Southampton airports. Its airport ownerships also stretch further overseas, owning 60% of Turkey\u2019s Dalaman and a 49% stake in New York\u2019s JFK airport\u2019s Terminal 1. <\/p>\n

Heathrow had it coming: <\/strong>Ferrovial executives have reportedly been dissatisfied with the British regulatory scene after Heathrow was obliged to <\/a>slash its landing charges<\/a> by almost a fifth on the back of a conflict with airliners, the Financial Times<\/a> reported. The airport continued to run losses this year on the back of higher servicing costs on its significant debts due to rising interest rates. Heathrow\u2019s losses come despite a recovery<\/a> in passenger numbers to pre-pandemic levels. The travel hub received 59.4 mn passengers in the first nine months of the year, up from 34.4% y-o-y. It also handled 1.02 mn metric tonnes of cargo during the same period, down 0.02% y-o-y, according to the airport\u2019s tracking data (pdf)<\/a>. <\/p>\n

The story is getting wide coverage from<\/strong><\/a>Reuters<\/a> | <\/a>Bloomberg<\/a> | <\/a>Sky News<\/a> | <\/a>BBC<\/a> | <\/a>The Guardian<\/a> | <\/a>The Financial Times.<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction is subject to shareholder and regulatory approval<\/p>\n","protected":false},"author":1,"featured_media":75230,"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":[941],"tags":[145,17,44,137,31],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-aviation","tag-enterprise-logistics","tag-investment-watch","tag-ma-watch","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"fd07d732-6415-45fc-a431-f60cb6ba06a8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/3362.jpg","photo_position":"above","homepage_title":"","full_issue_title":"KSA\u2019s PIF set to acquire 10% stake in London\u2019s Heathrow airport","related_issue":[75219],"teaser":"The transaction is subject to shareholder and regulatory approval","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.11949374-770b-46be-a46d-8905d9c06eb3.mp3"},"yoast_head":"\nKSA\u2019s PIF to nab 10% stake in Heathrow - 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