<a href="https://www.thenationalnews.com/tags/saudi-arabia/" target="_blank">Saudi Arabia</a>'s Public Investment Fund and French investment manager Ardian are to acquire almost 38 per cent of <a href="https://www.thenationalnews.com/tags/heathrow/" target="_blank">Heathrow </a>Airport, the largest shareholder said on Friday. Ardian and PIF had made an offer “to acquire shares representing 37.62 per cent of the share capital” for £3.26 billion ($4.26 billion), Spanish multinational Ferrovial said. The revised <a href="https://www.thenationalnews.com/tags/airports/" target="_blank">airport </a>deal, accepted by Ferrovial, increases the Saudi-French commitment after other shareholders joined Ferrovial in selling. Paris-based Ardian will take a 22.6 per cent stake, while the Saudi Public Investment Fund will own 15 per cent. Ferrovial will remain as a shareholder with 5.25 per cent, according to the statement. Qatar Investment Authority currently owns a 20 per cent stake in Heathrow and other investors include Singapore’s GIC sovereign wealth fund, and Alinda Capital Partners of the US. The new agreement addresses “tag along rights”, which gave other shareholders the right to join Ferrovial after the original deal was reached in November. At the time, the Spanish infrastructure firm said it was selling its 25 per cent stake to Ardian and PIF. The Saudi fund was set to buy 10 per cent of Heathrow’s parent while Ardian would take a 15 per cent stake. Other shareholders subsequently exercised their rights to sell a portion of their shares.