Ferrovial has agreed to sell its 25% stake in a £2.4 billion deal that values Heathrow at just under £10 billion pounds. Photo: ANDY RAIN/EPA -EFE/Shutterstock
The former owner of Thames Water is mulling a multibillion-dollar stake in Heathrow Airport, in a move that could trigger a bitter battle for control of Britain's preeminent tourist destination.
Australian investment house Macquarie is mobilizing to buy out several existing Heathrow backers who are trying to exit.
The potential change of ownership was prompted by Spanish construction company Ferrovial's decision to sell its shares in Heathrow after 17 years as its largest investor. Under the terms of a complex agreement, Ferrovial's planned exit opens the door for other shareholders to leave as well.
With around 60% of Heathrow's shares likely to change hands, some of the world's richest investment houses, including Macquarie, are circling the airport.
A source involved in the negotiations said: “Heathrow is a big asset. This should be one of the blue ribbon assets in infrastructure and airports.” Ferrovial has agreed to sell its 25% stake to Saudi Arabia's sovereign wealth fund and Ardian, one of Europe's largest private equity firms, in a deal worth £2.4 billion that values Heathrow at just 10 billion pounds sterling.
Ardian is also believed to be trying to raise capital to buy the stakes of three other shareholders who want to exit the company. This is the Canadian pension fund CDPQ; Singapore sovereign wealth fund GIC; and the UK Universities Pension Scheme. The right of «passing along» allows them to find a buyer for their parts of Heathrow at the same price.
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