Spanish construction group Ferrovial has agreed to sell its 25% stake in FGP Topco, the parent company of Heathrow Airport Holdings, for GBP 2.4 billion (US$3 billion).

Two purchasers have emerged for Ferrovial's stake:

• French asset manager Ardian is set to acquire 60%; and
• Saudi Arabia's sovereign wealth fund, the Public Investment Fund, will acquire the remaining 40%.

The transformation plan for Heathrow involves supervising a GBP12 billion (USD15 billion) investment, which includes capacity expansion through the construction of Terminal 2 and enhancements to operational performance.