News / Abertis to sell its stake in Mexican Airport operator

Abertis to sell its stake in Mexican Airport operator

🕔 August 28, 2013
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Following the completion of the deal with Aena and AXA Private Equity for London Luton Airport and the agreement struck last week with ADC & HAS Airports WorldwideAbertis is looking into selling its stake in Grupo Aeroportuario del Pacífico (GAP) in Mexico.

Grupo Aeroportuario del Pacifico (GAP) is a Mexico-based company engaged in the management, operation and development of airport facilities. The company comprises 12 airports, which are located and serve two metropolitan areas (Guadalajara and Tijuana), several tourist destinations (Puerto Vallarta, Los Cabos, La Paz and Manzanillo), and a number of mid-sized cities (Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis). All of its airports are designated as international airports under Mexican law.

Aeropuertos Mexicanos del Pacifico (AMP) is the Company's major shareholder with 15% of its interest. AMP is equally owned by Abertis, AENA and Corporación Mexicana de Aeropuertos, each with a 33.3 % stake in the company.

According to local sources, Eduardo Sánchez Navarro, Chairman of GAP's board, said that Abertis is exploring options to sell its stake and confirmed that the deal could be completed in the next six months. Mr. Sanchez also said that GAP could try to acquire the stake given that it has the right of first refusal in case of Abertis selling the stake.

GAP has currently a market valuation of US$3.18 billion and a 5% stake could have a value of around US$160 million.

Abertis bought in GAP in 2008 when it acquired 100% of Desarrollo de Concesiones Aeroportuarias (DCA) from ACS Group. The catalan firm also acquired equity stakes in other airports in Jamaica, Chile and Colombia in the same deal with a total price tag of €273 million.

The concession for Montego Bay airport in Jamaica would be the only airport stake left in Abertis' portfolio.

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