In November 2023, Paris-based Ardian announced it had entered an agreement to buy 15% of FGP TopCo – Heathrow’s holding company – from the airport’s majority shareholder, Ferrovial.

However, following fresh discussions, Ardian has entered into a new agreement to acquire 22.6% of TopCo from Ferrovial and other shareholders. 

Under the terms of this deal, Ardian will acquire its 22.6% stake with Saudi Arabia’s government-owned Public Investment Fund (PIF) buying 15% of TopCo.

PIF had previously agree to take a 10% stake worth $3 billion (£2.36 billion).

An Ardian spokesperson said: “Ardian is pleased to have worked closely with the parties to find its revised agreement and reiterates its strong commitment to investing in the UK.” 

The private equity firm currently manages $164 billion of assets on behalf of more than 1,600 clients globally. 

Heathrow chief executive Thomas Woldbye said: “Heathrow is a vital national asset connecting the UK to the world and driving prosperity in every corner of the country.

"We have a board of experienced infrastructure investors committed to our long-term development which allows us to continue our strategic journey."

He added: "Right now, our focus is to get on with the job at hand of delivering an excellent summer getaway for our customers, and making Heathrow an extraordinary airport, fit for the future.”