A PIF statement said the strategic investment underscored its commitment to impactful global investments that bolstered key sectors…reports Asian Lite News
Saudi Arabia’s Public Investment Fund announced on Thursday it had finalized the acquisition of a 15 percent stake in FGP TopCo, the holding company of Heathrow Airport Holdings. The stake was purchased from Ferrovial SE and other shareholders of FGP TopCo.
Simultaneously, Ardian, a private investment firm, acquired a 22.6 percent stake in FGP TopCo through a separate transaction. A PIF statement said the strategic investment underscored its commitment to impactful global investments that bolstered key sectors, and its broader strategy of supporting sustainable and long-term growth in major international markets.
Turqi Al-Nowaiser, deputy governor and head of international investments at PIF, said the fund was pleased to be investing in Heathrow, calling it a “vital UK asset and a world-class airport.”
He added: “We believe in the importance of infrastructure as a key sector in supporting the transition to net zero. Heathrow acts as a crucial gateway to the world, and we look forward to supporting Heathrow’s management in its efforts to secure the sustainable growth of the airport and to continue to maintain its position as a global aviation hub.”
In November, Dutch-based transport company Ferrovial SE had said it was planning to offload its stake, with PIF taking 10 percent and Ardian taking 15 percent, but the deal has been amended to allow FGP Topco shareholders to sell their shares on the same terms under so-called “tag-along rights.”
“Ardian is pleased to have worked closely with the parties to find this revised agreement and reiterates its strong commitment to investing in the UK,” the French company said in a separate statement.
The private investment house, which manages or advises $166 billion of assets on behalf of more than 1,600 clients globally, added that it “actively supports its assets to accelerate their transformation by leveraging data and new technologies to reduce emissions, creating new, more sustainable revenue sources, becoming more independent and resilient to external shocks, and improving their impact on both local and global environments.”
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