(Bloomberg) -- Saudia Arabia’s wealth fund stands to gain a bigger stake in London Heathrow Airport alongside its bidding partner, French private equity firm Ardian, after more shareholders in the London hub agreed to offload their holdings.

The Public Investment Fund and Paris-based Ardian will together now own 37.6% of the hub as part of a £3.26 billion ($4.26 billion) deal, according to a statement Friday. The two companies had previously planned to buy the 25% stake owned by Spanish infrastructure firm Ferrovial SE, Heathrow’s biggest shareholder.  

The new agreement would address so-called “tag along rights” which gave other shareholders the right to join Ferrovial after the original deal was announced in November. As the other shareholders sell some of their holdings, Ferrovial said it had agreed to retain a 5.25% stake in the airport. 

The proposed acquistion by PIF has previously raised concerns about overseas ownership of key UK infrastructure. The UK has previously ceded ownership of ports to the Middle East, with Dubai-based DP World running shipping and freight facilities at London Gateway and Southampton. 

The deal also coincides with efforts by Crown Prince Mohammed bin Salman, Saudi Arabia’s de-facto leader, to reshape the oil-rich country around new industries including tourism.

Qatar Investment Authority currently owns a 20% stake in Heathrow. Other investors include Caisse de dépôt et placement du Québec, Singapore’s GIC sovereign wealth fund, and Alinda Capital Partners of the US.  

Ferrovial has held its stake in Heathrow since 2006, when it led a consortium to acquire BAA Plc, the privatized entity that was formed to own the UK’s major airports. 

(Updates with background on original deal, current owners from third paragraph)

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