Ferrovial has announced that it is selling its 25% stake in the parent company of Heathrow Airport for £2.4 billion. As part of the deal, Saudi Arabia’s Public Investment Fund will acquire 10% of the shares, while Ardian, one of Europe’s largest private equity groups, will purchase 15%.
Ferrovial executives had reportedly become frustrated with the regulatory landscape, particularly after Heathrow was compelled to reduce landing charges by almost a fifth following a dispute with airline customers. The airport experienced financial challenges this year, in part due to the increased cost of servicing its debt burden amid rising interest rates.
Luke Bugeja, CEO of Ferrovial Airports, highlighted the company's contributions to Heathrow, overseeing a £12 billion investment, expanding capacity with the construction of Terminal 2, and enhancing operational performance.The company’s initial stake in Heathrow was 56%, reduced to 25% by 2013.
Despite divesting from Heathrow, Ferrovial expressed its commitment to the UK and its airport business, which constitutes about 30% of its earnings before interest, tax, depreciation, and amortisation. The company retains ownership in Aberdeen, Glasgow, and Southampton airports, with a 50% share, and 60% ownership of Dalaman airport in Turkey. Additionally, Ferrovial holds a 49% stake in Terminal 1 at New York’s JFK.