Saudi Arabia will own 10pc of Heathrow after Spanish infrastructure giant Ferrovial announced it was offloading its 25pc stake in Europe’s busiest airport.

Ferrovial, which was the transport hub’s largest shareholder, said it has reached a £2.4bn deal to sell its remaining shares to the Saudi Public Investment Fund (PIF) and Paris-based Ardian, which will take a 15pc holding.

The deal brings to an end Heathrow’s long association with Spanish company, which began with controversy in 2006 when Ferrovial launched a successful hostile bid for BAA, the UK airports operator.

The sale, first mooted in August last year, comes after Heathrow said it recorded its highest-ever September passenger numbers of more than seven million, which also marked the first time it exceeded pre-pandemic traffic figures.

Luke Bugeja, head of Ferrovial’s airports business, said: “Over the last 17 years, we have been contributing to Heathrow’s transformation, together with our fellow shareholders, achieving some excellent milestones throughout our long-term role as investor.

“We are very pleased to have made Heathrow one of the world’s most connected airports and the busiest airport in Europe.”

Read the latest updates below.