Ardian Becomes Largest Heathrow Shareholder Amid £10B Expansion Debate

French investment firm Ardian has increased its stake in Heathrow Airport’s parent company, FGP Topco, to 32.6%, becoming the airport’s largest shareholder. The move follows Ardian’s acquisition of an additional 10% from Ferrovial, La Caisse, and USS, completing Ferrovial’s full exit after 18 years and building on Ardian’s previous 22.6% purchase in December 2024.

The stake increase comes as Heathrow seeks approval for a £10 billion ($13.5 billion) capital investment plan for 2027–2031. The proposal includes terminal upgrades and expanded lounge, retail, and dining space to support a 12% capacity increase. Heathrow CEO Thomas Woldbye said the investment would improve passenger experience and meet airline growth needs.

However, the plan faces opposition from airlines over proposed per-passenger fee hikes. Heathrow’s charges would rise to £33.26 by 2027, up from the 2022–2026 average of £28.46. While the airport claims the fees are still below 2014 levels in real terms, carriers argue the increase is excessive.

Virgin Atlantic and British Airways have urged the UK Civil Aviation Authority (CAA) to reassess Heathrow’s regulatory framework. Virgin Atlantic criticized the investment plan’s value and Heathrow’s monopolistic control, calling the airport “the most expensive in the world.” The airline also questioned the legitimacy of the £2 billion in shareholder equity funding, asserting that passengers and carriers would ultimately bear the costs.

The CAA previously forced Heathrow to lower its fees, reducing charges from £31.57 in 2023 to £23.73 in 2025. The £10 billion plan does not cover the third runway project, although the UK Labour government recently reaffirmed its support for the expansion.

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