LHR ownership changes
Mar 23, 2024, 11:49 am
#1
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LHR ownership changes
From the Telegraph today:
https://www.telegraph.co.uk/business...throw-airport/
This is behind the JavaScript paywall. According to the article, Macquarie the Sydney based investment bank could bid for the entire 60% stake that could become available.
The former owner of Thames Water is weighing the purchase of a multi-billion pound stake in Heathrow Airport in a move that could trigger a fierce tussle for control of Britain’s pre-eminent travel hub.
Australian investment house Macquarie is assembling the firepower to buy out several of Heathrow’s existing backers who are scrambling for an exit.
The potential change of ownership has been triggered by the decision of Spanish construction outfit Ferrovial to offload its shares in Heathrow after 17 years as its largest investor. Under the terms of a complex agreement, Ferrovial’s planned departure provides an opportunity for other shareholders to make their escape too.
With as much as 60pc of Heathrow’s shares likely to change hands, some of the world’s wealthiest investment houses, including Macquarie, are circling the airport.
Ferrovial has agreed to sell its 25pc stake to Saudi Arabia’s sovereign wealth fund and Ardian, one of Europe’s biggest private equity houses, in a £2.4bn deal that values Heathrow at just shy of £10bn.
Australian investment house Macquarie is assembling the firepower to buy out several of Heathrow’s existing backers who are scrambling for an exit.
The potential change of ownership has been triggered by the decision of Spanish construction outfit Ferrovial to offload its shares in Heathrow after 17 years as its largest investor. Under the terms of a complex agreement, Ferrovial’s planned departure provides an opportunity for other shareholders to make their escape too.
With as much as 60pc of Heathrow’s shares likely to change hands, some of the world’s wealthiest investment houses, including Macquarie, are circling the airport.
Ferrovial has agreed to sell its 25pc stake to Saudi Arabia’s sovereign wealth fund and Ardian, one of Europe’s biggest private equity houses, in a £2.4bn deal that values Heathrow at just shy of £10bn.
This is behind the JavaScript paywall. According to the article, Macquarie the Sydney based investment bank could bid for the entire 60% stake that could become available.
Mar 24, 2024, 12:48 pm
#3
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I simply don't understand why anyone would want to buy HAL when there are so many more profitable opportunities available. Expansion looks all but impossible but the carrot of it will use up huge resources just fighting pretty well everyone. Which leaves operations. HAL's fees are absurdly high and it does appear that the regulator is beginning to realise this. HAL benefits effectively from monopoly pricing, with no adequate new airport infrastructure likely to be permitted at any time in the foreseeable future. Monopoly pricing can be immensely attractive but only while the competition authorities are asleep.
In short, I can see little upside in HAL's business but huge political risks to the downside.
In short, I can see little upside in HAL's business but huge political risks to the downside.
Mar 24, 2024, 1:51 pm
#5
Join Date: May 2014
Posts: 7,237
I simply don't understand why anyone would want to buy HAL when there are so many more profitable opportunities available. Expansion looks all but impossible but the carrot of it will use up huge resources just fighting pretty well everyone. Which leaves operations. HAL's fees are absurdly high and it does appear that the regulator is beginning to realise this. HAL benefits effectively from monopoly pricing, with no adequate new airport infrastructure likely to be permitted at any time in the foreseeable future. Monopoly pricing can be immensely attractive but only while the competition authorities are asleep.
In short, I can see little upside in HAL's business but huge political risks to the downside.
In short, I can see little upside in HAL's business but huge political risks to the downside.
Mar 24, 2024, 3:51 pm
#6
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Mar 25, 2024, 1:47 am
#7
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Sales of this sort seldom end in a better experience for consumers as the purchasers seeks to recover their investment.
Mar 25, 2024, 2:25 am
#8
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I could talk to you about this IRL, but unfortunately my train's been cancelled - I guess it's pure luck that the sewer in my street never gets fixed, or I wouldn't be able to get out of the house at all, what with all the digging up of roads.
Mar 25, 2024, 2:34 am
#9
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No no no no no! The private sector is best placed to run critical infrastructure, and it's always been thus.
I could talk to you about this IRL, but unfortunately my train's been cancelled - I guess it's pure luck that the sewer in my street never gets fixed, or I wouldn't be able to get out of the house at all, what with all the digging up of roads.
I could talk to you about this IRL, but unfortunately my train's been cancelled - I guess it's pure luck that the sewer in my street never gets fixed, or I wouldn't be able to get out of the house at all, what with all the digging up of roads.
I am not suggesting taking it back to public ownership.
(In the UK most road works are produced by private companies!)
Mar 25, 2024, 5:11 am
#10
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Mar 27, 2024, 2:02 am
#12
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