|Chinese state-owned fund buys 10% of Heathrow.|
Thursday, 1st November 2012
Source : Ferrovial
Ferrovial has announced the sale of a part of their Heathrow Airport Holdings Ltd shares to Stable Investment Corp, while Ferrovial continues to be the industrial partner in Heathrow Airport Holdings.
Ferrovial, currently the indirect owner of 49.99% of Heathrow Airport Holdings Ltd., previously known as BAA Ltd., has reached an agreement to sell 5.72% of FGP Topco Ltd., the holding company which owns Heathrow Airport Holdings Ltd., to Stable Investment Corporation ('Stable'), a wholly owned subsidiary of CIC International Co., Ltd, for GBP 257.4 million pounds, equivalent to EUR 319.3 million.
As part of the same transaction and at the same price per share, Stable has acquired shares from other shareholders of FGP Topco Ltd. for GBP 192.6 million pound sterling, equivalent to EUR 238.9 million euro. Upon completion of this transaction, Stable will own 10% of Heathrow Airport Holdings Ltd.
Ferrovial’s indirect stake in Heathrow Airport Holdings Ltd. will reduce to be 39.37% as a result of the transaction announced on 17 August 2012 to Qatar Holdings, which is subject to European competition approval and expected to close prior to the end of 2012. Ferrovial’s indirect stake will further reduce to 33.65% as a result of this transaction. The transaction with Stable is unconditional and closes today 31 October 2012. Following closing today, Ferrovial owns 44.27% of Heathrow Airport Holdings Ltd.
Stable will join the boards of FGP Topco Ltd. and Heathrow Airport Holdings Ltd. Britannia Airport Partners LP, GIC and Alinda continue as shareholders of FGP Topco Ltd.
"This sale of a stake in Heathrow Airport Holdings Ltd. is a further part of Ferrovial’s investment diversification strategy. Following this deal, we reiterate our role in Heathrow Airport Holdings Ltd. as the industrial partner. As previously stated, we will continue to work with the new shareholders and with existing shareholders to ensure that Heathrow Airport Holdings Ltd. retains its position as one of the best infrastructure assets in the world," said Íńigo Meirás, CEO.