French firm Ardian buys more shares in London Heathrow holding company
Ardian already is the biggest shareholder FGP Topco, the Heathrow owner

London Heathrow set monthly records during the course of H1-2025, reaffirming its credentials as one of the world’s busiest airports.
London Heathrow set monthly records during the course of H1-2025, reaffirming its credentials as one of the world’s busiest airports.

: The French investment firm has bought a further 10% in the company that owns London’s Heathrow Airport Holdings.

Ardian bought the stake in FGP Topco Ltd. (TopCo) from Ferrovial SE and other existing TopCo shareholders La Caisse (previously CDPQ) and USS.

Ardian was already the largest shareholder in Heathrow, having previously completed the acquisition of a 22.6% stake in TopCo on December 12, 2024. At the time, the Saudi wealth fund also bought 15% in the Heathrow entity.

“This additional investment highlights the confidence we have in the future of Heathrow – Europe’s leading airport – and Ardian’s broader commitment to essential infrastructure as an asset class,” said Mathias Burghardt, Executive VP and CEO of Ardian France and also head of Infrastructure at Ardian.

“Since we became the largest shareholder, we have worked with our fellow shareholders, the management team and the UK authorities to ensure Heathrow provides the best service possible for passengers and airlines.”

The London Heathrow broke passenger records for January, April and May so far this year.

Ardian was a 49% shareholder of London Luton Airport from 2013 until 2018. During this period, there was a significant re-development of the terminal, transport links and infrastructure.

In Italy, Ardian was an indirect shareholder of Milan Linate, Milan Malpensa, Naples and Turin airports alongside their regions and municipalities.

“We are delighted the (UK) Government has recognized the importance of Heathrow and set out its ambition to see the airport expand,” said Juan Angoitia, Co-head of Infrastructure – Europe and Senior Managing Director, Ardian.

“Our experience shows us Heathrow can grow sustainably, and we are ready to support the airport as it pursues expansion alongside the UK Government.”

London Heathrow set monthly records during the course of H1-2025, reaffirming its credentials as one of the world’s busiest airports.
London Heathrow set monthly records during the course of H1-2025, reaffirming its credentials as one of the world’s busiest airports.

: The French investment firm has bought a further 10% in the company that owns London’s Heathrow Airport Holdings.

Ardian bought the stake in FGP Topco Ltd. (TopCo) from Ferrovial SE and other existing TopCo shareholders La Caisse (previously CDPQ) and USS.

Ardian was already the largest shareholder in Heathrow, having previously completed the acquisition of a 22.6% stake in TopCo on December 12, 2024. At the time, the Saudi wealth fund also bought 15% in the Heathrow entity.

“This additional investment highlights the confidence we have in the future of Heathrow – Europe’s leading airport – and Ardian’s broader commitment to essential infrastructure as an asset class,” said Mathias Burghardt, Executive VP and CEO of Ardian France and also head of Infrastructure at Ardian.

“Since we became the largest shareholder, we have worked with our fellow shareholders, the management team and the UK authorities to ensure Heathrow provides the best service possible for passengers and airlines.”
The London Heathrow broke passenger records for January, April and May so far this year.

Ardian was a 49% shareholder of London Luton Airport from 2013 until 2018. During this period, there was a significant re-development of the terminal, transport links and infrastructure.

In Italy, Ardian was an indirect shareholder of Milan Linate, Milan Malpensa, Naples and Turin airports alongside their regions and municipalities.

“We are delighted the (UK) Government has recognized the importance of Heathrow and set out its ambition to see the airport expand,” said Juan Angoitia, Co-head of Infrastructure – Europe and Senior Managing Director, Ardian.

“Our experience shows us Heathrow can grow sustainably, and we are ready to support the airport as it pursues expansion alongside the UK Government.”