Global law firm Clifford Chance has advised Ardian, a world-leading private investment house, on its agreement to acquire a combined stake of 37.62% in Heathrow Airport in London, alongside The Public Investment Fund of Saudi Arabia (PIF), from Ferrovial S.E. and certain other shareholders in Heathrow.

Under the terms of the agreement, infrastructure funds managed and advised by Ardian would acquire a c. 22.6% stake, and PIF would acquire c.15% stake concurrently from the sellers through separate vehicles. Completion of the transaction is subject to compliance with governance rights of other shareholders and applicable regulatory conditions.

Heathrow is a strategic asset for the UK economy and plays a key role enhancing global connectivity as one of the world’s most connected airports and the busiest in Europe.

Clifford Chance advised Ardian on all key legal aspects of this landmark transaction. The multidisciplinary, cross office team is led by M&A Partners Javier Amantegui (Madrid) and Jonathan Dillon (London), supported by Senior Associate James McMillan (London) and associate Eleanor Burkin (London).

The team is assisted by specialists from across the firm’s practice areas including in London: Aniko Adam, Sue Hinchcliffe, Dani Rabinowitz, Julia House, Skanda Kumble, Kirsty Souter, Katie Kempthorne, Richard Kalaher, Nicola Hemsley, William Winterton, Tracey Poon, Sophie Wilkinson, James Bole, Rui Huo, Clare Burgess, Maxine Mossman, Joshua Reynolds, Isabelle Cameron, Alis Pay, Ben Hatton, Clare Hoxey, and from elsewhere in the firm’s network, advice was provided by Benjamin de Blegiers (Paris); Katerina Drakoularakou (Paris); Jason Parsont (New York); and Daniel Garcia Juárez (Madrid).