Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Private equity group Ardian and Saudi Arabia’s sovereign wealth fund have entered a revised agreement to acquire a roughly 38 per cent stake of London’s Heathrow airport.
Saudi Arabia’s Public Investment Fund and Ardian negotiated a deal last November to buy infrastructure group Ferrovial’s 25 per cent stake in the airport’s parent company for £2.4bn.
However, the deal was complicated by some of Heathrow’s other shareholders, who in January used “tag along” rights to sell a portion of their holdings alongside Ferrovial.
In the deal announced on Friday, Ardian will acquire a 22.6 per cent stake while PIF will acquire 15 per cent of Heathrow.
Ardian said it was “pleased to have worked closely with the parties to find this revised agreement and reiterates its strong commitment to investing the UK.”
This is a developing story
Credit: Source link
