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Ferrovial sells 5.72% of Heathrow Airport Holdings to CIC

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According to the press release, “Ferrovial has announced the sale of 5.72% of Heathrow Airport Holdings Ltd, previously known as BAA Ltd., to Stable Investment Corporation, a wholly owned subsidiary of CIC International Co., Ltd, for GBP 257.4 million. Ferrovial continues to be the industrial partner in Heathrow Airport Holdings Ltd.

Ferrovial, currently the indirect owner of 49.99% of Heathrow Airport Holdings Ltd., previously known as BAA Ltd., has reached an agreement to sell 5.72% of FGP Topco Ltd., the holding company which owns Heathrow Airport Holdings Ltd., to Stable Investment Corporation (“Stable”), a wholly owned subsidiary of CIC International Co., Ltd, for GBP 257.4 million pounds, equivalent to EUR 319.3 million.

As part of the same transaction and at the same price per share, Stable has acquired shares from other shareholders of FGP Topco Ltd. for GBP 192.6 million pound sterling, equivalent to EUR 238.9 million euro. Upon completion of this transaction, Stable will own 10% of Heathrow Airport Holdings Ltd.

Ferrovial’s indirect stake in Heathrow Airport Holdings Ltd. will reduce to be 39.37% as a result of the transaction announced on 17 August 2012 to Qatar Holdings, which is subject to European competition approval and expected to close prior to the end of 2012. Ferrovial’s indirect stake will further reduce to 33.65% as a result of this transaction. The transaction with Stable is unconditional and closes today 31 October 2012. Following closing today, Ferrovial owns 44.27% of Heathrow Airport Holdings Ltd.

Stable will join the boards of FGP Topco Ltd. and Heathrow Airport Holdings Ltd. Britannia Airport Partners LP, GIC and Alinda continue as shareholders of FGP Topco Ltd.

“This sale of a stake in Heathrow Airport Holdings Ltd. is a further part of Ferrovial’s investment diversification strategy. Following this deal, we reiterate our role in Heathrow Airport Holdings Ltd. as the industrial partner. As previously stated, we will continue to work with the new shareholders and with existing shareholders to ensure that Heathrow Airport Holdings Ltd. retains its position as one of the best infrastructure assets in the world,” said Íñigo Meirás, CEO.

The transaction brings further enhancement to Ferrovial’s liquidity position and financial flexibility.

A consortium including Ferrovial acquired BAA Ltd., now renamed as Heathrow Airport Holdings Ltd., in June 2006. Heathrow Airport Holdings Ltd. owns Heathrow and Stansted airports (both in London), Glasgow and Aberdeen airports (in Scotland) and Southampton airport (in southern England). In the first six months of 2012, those airports handled 47.4 million passengers.”

Read more: Ferrovial Press Release

KIC to Manage a Portion of Korea Post Assets

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In late February, the Korea Investment Corporation (KIC) inked an agreement to manage some of Korea Post’s global assets. KIC also seeks to provide investment training and research to Korea Post.

“As part of effort for Korea Post to allocate part of global investment assets to KIC, both agencies agreed to discuss details during the first half of this year, including the manner in which joint investment and asset allocation will be made,” KIC said in a statement.

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Singaporean Sovereign Wealth Capital Participates in DoorDash Series F Round

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San Francisco-based DoorDash Inc., a food delivery company, raised US$ 400 million in a Series F investment round. The investment round was led by Singapore’s Temasek Holdings and San Francisco-based Dragoneer Investment Group, LLC. Post-raise, DoorDash has raised US$ 1.4 billion in equity capital. This gives DoorDash a post-money valuation of US$ 7.1 billion. DoorDash competes against publicly-traded company Grubhub, Postmates, and UberEats, a service of Uber Technologies.

Other investors in the Series F round include SoftBank Vision Fund (managed by SoftBank Group), DST Global, Coatue Management, Singapore’s GIC Private Limited, Sequoia Capital, and Y Combinator.

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CPPIB and Sterling Partners Exit Livingston International

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Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Sterling Partners are exiting their investment in Livingston International Inc., an international trade-services firm based in Toronto, Ontario, which specializes in customs brokerage, freight forwarding, and trade consulting. Livingston International is Canada’s largest customs broker and third-largest entry filer in the United States.

U.S. private equity firm Platinum Equity is buying Livingston International from CPPIB and Sterling Partners. Platinum Equity is a private equity firm founded by Tom Gores in 1995.

Livingston International was founded in 1945 by Gerry Livingston. In 2002, the company went public after backing from CAI Capital Partners. In 2010, CPPIB and Sterling Partners acquired the company for US$ 324 million. On May 8, 2012, Livingston International acquired New Orleans, Louisiana-based M.G. Maher & Company, Inc. and MCLX, Inc. Maher is an international freight forwarder, customs broker and logistics provider. In 2013, the owners of Livingston International refinanced debt raising US$ 555 million in senior secured credit facilities.

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