CDPQ: Strategic Stake Sale in Heathrow Airport to Ardian and Saudi Fund
Deal News | Dec 20, 2024 | White & Case
Global law firm White & Case LLP has provided advisory services to CDPQ, a leading global investment group, on the sale of a 37.62 percent stake in Heathrow Airport. The stake was bought by Ardian and Saudi Arabia's Public Investment Fund. This transaction underscores White & Case's capabilities in infrastructure across EMEA and Asia-Pacific. The legal deal team was led by partner Ken Barry, supported by associate Joe Bradley, and included associates Zack Trumper and Kate Kelliher. CDPQ holds CAD $452 billion in net assets as of mid-2024, engaging broadly across financial markets, private equity, infrastructure, real estate, and private debt.
Sectors
- Infrastructure
- Legal Services
- Investment Management
Geography
- United Kingdom – Heathrow Airport is located in the United Kingdom, making it the focal geographic area of the transaction.
- Canada – CDPQ is a Canadian investment group, contributing to the importance of this geography in the investment landscape.
- Saudi Arabia – Saudi Arabia is home to one of the acquiring entities, the Public Investment Fund, which plays a crucial role in this transaction.
- France – Ardian, a French investment firm, is one of the buyers in this transaction, highlighting the relevance of France.
Industry
- Infrastructure – The sale of a stake in Heathrow Airport is a significant infrastructure transaction, involving major investors and focusing on airport facilities and operations.
- Legal Services – White & Case provided legal advisory services for the transaction, showcasing its proficiency in handling complex infrastructure deals.
- Investment Management – CDPQ, as a global investment group, is involved in managing large-scale assets, emphasizing its strategic investment decisions.
Financials
- CAD $452 billion – CDPQ's net assets as of June 30, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CDPQ | Selling Company | Company | CDPQ is a global investment group with significant assets, active in various sectors including infrastructure. |
| Heathrow Airport | Target Company | Company | Heathrow Airport is one of the world's major airports and the subject of the stake sale transaction. |
| Ardian | Bidding Company | Company | Ardian is a global private investment firm participating as a buyer in the transaction. |
| Saudi Arabia's Public Investment Fund | Bidding Company | Company | The Public Investment Fund of Saudi Arabia, a sovereign wealth fund, is a co-buyer in the deal. |
| White & Case LLP | Legal Advisor | Company | White & Case is a multinational law firm providing legal advisory in the transaction. |
| Ken Barry | Lead Partner | Person | Ken Barry led the legal team from White & Case advising on the transaction. |