London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

Heathrow owner Ferrovial studies options for stake in Britain’s biggest airport

Heathrow owner Ferrovial studies options for stake in Britain’s biggest airport

Spain’s Ferrovial is looking at options for its 25 percent stake in London’s Heathrow, two sources told Reuters, and has held preliminary talks with external advisers on the future of its holding in Britain’s biggest airport.

The early-stage discussions come amid interest in Ferrovial’s stake from private equity firm Ardian, which has held talks with its own advisers on a possible joint proposal with Saudi Arabia’s Public Investment Fund (PIF), these sources and another person familiar with the matter said.

Ferrovial has yet to take a final decision and the discussions may not result in a sale, all the sources said.

Ferrovial and Ardian both declined to comment on the Heathrow discussions.

PIF did not immediately respond to a request for comment.

Heathrow is worth about 24.3 billion euros ($25 billion), including debt, JPMorgan analysts calculated in May. By JPMorgan’s estimates, Ferrovial’s Heathrow holding has an equity value of 611 million euros.

Heathrow, which Aviation data firm OAG said was the world’s fifth busiest airport in July, was hard hit by coronavirus lockdowns, but raised its 2022 traffic forecast to 54.4 million passengers in June after a travel rebound.

Last month Heathrow, like some other airports in Europe, asked airlines to stop selling tickets for summer departures and capped passenger numbers to limit queues, baggage delays and cancellations as it struggled with pent-up demand.

Madrid-based Ferrovial, which controls Spanish transport infrastructure developer Cintra and has stakes in motorways in the United States and Canada, has been invested in Heathrow airport for 16 years and ranks as its single largest investor.

Qatar Investment Authority (QIA), which has a 20 percent stake in Heathrow, is the second biggest investor in the busy British airport, while Caisse de dépôt et placement du Québec (CDPQ), Singapore’s wealth fund GIC and China Investment Corporation also have sizeable holdings.

QIA, CDPQ, GIC and China Investment Corporation were not immediately available for comment.

Paris-based Ardian teamed up with Credit Agricole Assurances in 2015 to buy a 49 percent stake in 2i Aeroporti, one of Italy’s largest airport networks, with indirect stakes in Milan’s Malpensa and Linate among others.

A separate source who worked on the 2006 acquisition of Ferrovial’s Heathrow holding said that while the Spanish firm’s board had frequently reviewed its strategy over the years, it had never reached a consensus over selling the stake.

This source said Ardian made an initial approach for the Heathrow stake last year, but discussions did not advance.

Airport bets


Ferrovial appointed aviation veteran Luke Bugeja to run its airports business last year, which one of the sources said could accelerate a strategic review of Heathrow.

Airports accounted for a third of Ferrovial’s proportional earnings before interest, taxes, depreciation and amortization (EBITDA) in the first half of this year, from 45 percent prior to 2019 before the industry was hit by the COVID-19 pandemic.

After a series of losses, Ferrovial pointed last week to a recovery in the airport business, thanks to an easing of restrictions as it posted a profit.

It also bet further on the industry in June with a deal to buy a stake in the consortium that will build and operate a new terminal at New York’s JFK International Airport.

But its Heathrow experience has been difficult and the chief financial officer of its airports business, Ignacio Castejon, said during last year’s third quarter earnings he was “very skeptical” about contributing further capital, citing a lack of recovery in its economic value and low equity returns.

Heathrow said last year it does not expect a full recovery before 2026, after airports globally suffered a huge drop in traffic when the COVID-19 pandemic grounded planes.

Ferrovial bought an indirect stake of 55.87 percent in Heathrow Airport Holdings in 2006. It sold 10.6 percent to Qatar Holding LLC in 2012 and eventually reduced its stake to 25 percent in 2013.

The firm openly criticized the British aviation regulator’s decision in June to set lower than hoped for caps on landing fees Heathrow can charge over the next four years.

While companies have eased off mergers and acquisitions as inflation rages and recession fears rise, the infrastructure sector clocked up one of this year’s biggest deals, a 58 billion euro take-private bid for Italy’s Atlantia.

Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×