{"id":83098,"date":"2024-12-16T00:00:00","date_gmt":"2024-12-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/12\/16\/pif-closes-15-acquisition-of-heathrow-airport\/"},"modified":"2024-12-16T00:00:00","modified_gmt":"2024-12-16T00:00:00","slug":"pif-closes-15-acquisition-of-heathrow-airport","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/12\/16\/pif-closes-15-acquisition-of-heathrow-airport\/","title":{"rendered":"PIF closes 15% acquisition of Heathrow Airport"},"content":{"rendered":"

London just got a bit more Saudi:<\/strong> The Public Investment Fund (PIF) has completed the acquisition of a 15% stake in FGP TopCo, Heathrow Airport\u2019s parent company, from Spanish infrastructure player Ferrovial and other shareholders, according to a statement<\/a> released on Thursday. At the same time, Paris-based equity firm Ardian snapped up 22.6% in the London airport for the same group of shareholders via a separate vehicle. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Ironing out the kinks: <\/strong>PIF and Ardian had entered into a binding agreement with Ferrovial in<\/a>November<\/a> of last year which would have seen the pair grab 10% and 15% stakes apiece in FGP TopCo. The agreement was later revised<\/a> in June after some FGP Topco shareholders exercised tag-along rights, demanding to be bought out<\/a> so as to not block the full sale. The revised agreement sees the PIF and Ardian acquiring a 37.6% stake in the airport for GBP 3.3 bn (c.USD 4.1 bn).<\/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

\n

FROM THE RUMOR MILL-<\/p>\n

First Heathrow Airport, now Newcastle Airport? <\/strong>PIF is reportedly eyeing a piece of Newcastle Airport as the UK looks to sell a 49% stake worth as much as GBP 1 bn, the Sunday Times<\/a> reports, citing what it says are City sources. The stake on offer is owned by Infrabridge<\/a>. JP Morgan is quarterbacking the sale. The fund also owns Newcastle United FC.<\/p>\n","protected":false},"excerpt":{"rendered":"

A revised agreement to loop-in shareholders exercising tag along rights valued the acquisition at USD 4.1 bn earlier this year<\/p>\n","protected":false},"author":1,"featured_media":83099,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","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":[145,137,263,31],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-aviation","tag-ma-watch","tag-pif","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"e0d6cfd5-d917-476e-a044-490d7c350438","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/1326.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF closes 15% acquisition of Heathrow Airport","related_issue":[83091],"teaser":"A revised agreement to loop-in shareholders exercising tag along rights valued the acquisition at USD 4.1 bn earlier this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.721b803f-045b-4121-a42c-24f989af293a.mp3"},"yoast_head":"\nPIF closes 15% acquisition of Heathrow Airport - 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