London Heathrow Airport CEO Thomas Woldbye.
Ardian has cemented its position as London Heathrow Airport’s largest shareholder, increasing its stake to 32.6% just as the UK’s hub faces mounting opposition from airlines over a planned hike in charges to help fund a £10 billion ($13.5 billion) infrastructure overhaul.
The French investment firm finalized the acquisition of an additional 10% stake in FGP Topco, Heathrow’s parent company, from Ferrovial, La Caisse and USS. The deal completes Ferrovial’s full exit from Heathrow after 18 years and builds on Ardian’s initial 22.6% stake acquisition in December 2024.
The move comes as Heathrow seeks regulatory approval for a five-year capital investment program running from 2027 to 2031. The plan includes major upgrades to the airport’s terminals, including the creation of new space for additional lounges, shops and dining areas. It says the move will increase capacity by 12%.
“Our five-year plan boosts operational resilience, delivers the better service passengers expect and unlocks the growth capacity airlines want,” CEO Thomas Woldbye adds.
However, the proposal has drawn opposition from carriers criticizing the potential price hike. Heathrow’s regulated per-passenger charge would rise to £33.26 by 2027 under the plan—higher than the £28.46 average from 2022 to 2026. While the airport argues that charges remain below 2014 levels in real terms, airlines say the cost burden is excessive.
Carriers including Virgin Atlantic and British Airways are urging the UK Civil Aviation Authority (CAA) to reexamine Heathrow’s economic regulatory framework. “We totally agree that Heathrow needs to do better and dramatically improve the customer experience,” a Virgin Atlantic spokesperson said. “However, only Heathrow with its monopoly power as the UK’s only hub airport would think that this £10 billion investment plan represents value for money.”
The airline also questioned Heathrow’s claim of £2 billion in shareholder equity funding, arguing that passengers and carriers will ultimately foot the bill. “Heathrow is already the most expensive airport in the world and this proposal demonstrates Heathrow’s inability to invest capital wisely and efficiently,” the spokesperson adds.
In July 2024, the CAA forced Heathrow to reduce its landing fees following a post-pandemic competition review, with the regulator lowering the average per-passenger charge from £31.57 in 2023 to £23.73 in 2025 and £23.71 in 2026, approximately 6% lower than initially planned. Heathrow had pushed for an increase to more than £40 a passenger.
The £10 billion investment plan under review does not include funding for a third runway. Though in January, the UK’s Labour government announced it would back the construction of a third Heathrow runway to spur economic growth.
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