Saudi Arabia’s Public Investment Fund (PIF) is set to acquire 10% of the shares of the Spanish-based airport operator Ferrovial. In addition, FGP Topco, the parent company of Ferrovial, will sell 15% of its shares to the French infrastructure fund Ardian, according to reports from BBC.

The deal, which has been announced by Ferrovial, is valued at 2.37 billion pounds (3 billion dollars). The company stated that the transaction will be subject to new conditions.

With regards to ownership, Ferrovial’s investments in the UK’s Heathrow Airport, which began at 56%, eventually decreased to 25% in 2013, will now come to an end.

FGP Topco has various other investors, including Caisse de dépôt et Placement du Québec, GIC from Singapore, the Australian superannuation fund, China’s investment corporation, and the universities’ endowment program.

The airline industry is currently facing significant debts that have resulted in a notable increase in exchange rate fluctuations. As a result, Qatar Airways has made the decision to reduce employee salaries, including those of terminal handlers, loaders, and security system expenses.

Saudi PIF is one of the most active funds in the world, boasting assets worth over 700 billion dollars. The fund has made recent investments in various sports events, such as football and golf.

Source: News.am