Spanish infrastructure firm Ferrovial has disclosed that other investors in London Heathrow’s parent company have exercised tag-along rights to divest a 35% shareholding.

Ferrovial had revealed in November last year that it was selling its entire 25% stake in FGP Topco – the parent of Heathrow Airport Holdings – to French private equity firm Ardian and the Saudi Arabian government’s Public Investment Fund.

But it states that it anticipated a tag-along involvement, whereby certain other FGP Topco shareholders would take the opportunity to sell their interests as well.

It says shareholders have exercised tag-along rights in respect of shares representing 35% of the company.

Heathrow-c-Heathrow Airport

Source: Heathrow Airport

London Heathrow’s ownership is split between several international investors

“Completion of the transaction continues to be subject to the satisfaction of the tag-along condition,” says Ferrovial.

It adds that the parties involved are “working towards” this by “exploring different options”, but points out that there is “no certainty” that the transaction will complete.

Ferrovial is divesting its 25% stake through a £2.37 billion ($3 billion) sale, with Ardian taking 15% and the Saudi fund 10%.

While Ferrovial has not identified the tag-along shareholders, the 75% balance in FGP Topco is held by Qatar Investment Authority (20%), Caisse de depot et placement du Quebec (12.62%), GIC (11.2%), Australian Retirement Trust (11.18%), China Investment Corporation (10%) and Universities Superannuation Scheme (10%).