PIF enters into binding agreement with Ferrovial to acquire a 10% stake in Heathrow Airport

PIF today announced that it has entered into a share purchase agreement to acquire a 10% stake in FGP TopCo (TopCo), the holding company of Heathrow Airport Holdings Ltd, from Ferrovial S.A.

Under the terms of the agreement, PIF will acquire 10% in TopCo, and Ardian through its infrastructure funds will acquire 15% through separate vehicles. The transaction is subject to complying with ROFO (Right of First Offer) and full tag-along rights which may be exercised by the other Topco shareholders pursuant to the Shareholders’ Agreement and the Articles of Association of the company, in addition to satisfaction of applicable regulatory conditions.

PIF is pleased to be investing in Heathrow, a world-class airport, which acts as a key gateway to the world. PIF’s investment in Heathrow is in line with its strategy to support the business as a long-term partner.

Heathrow is one of the world’s largest air traffic platforms, connecting the UK with global trading partners to help stimulate economic growth.

For media enquiries please contact:

Liz Morley: liz.morley@5654.co.uk; +44 (0) 7798 683 108

Ben Thornton: ben.thornton@5654.co.uk; +44 (0) 7793 056 329

ABOUT PIF

The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the Board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, the Fund’s board of directors has been chaired by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund. PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 90 companies. PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. PIF’s strategy, as set out in the PIF Program 2021-2025 – one of the Vision 2030 realization programs – aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least 150 billion riyals annually into the local economy. PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy domestically. As the investment arm of Saudi Arabia, PIF looks to make unique investments, and is building strategic alliances and partnerships with prestigious international institutions and organizations, which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of Vision 2030. PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress.