Aecon Group has completed the sale of its 45.5 per cent interest in the Quito International Airport concessionaire, CorporaciÏƒn Quiport S.A. (Quiport), for US$232.6 million to Grupo Odinsa and CCR.
The monetization of Aecon's investment generates approximate net cash proceeds (after transaction costs and estimated cash taxes) of US$195 million.
Teri McKibbon, President and Chief Executive Officer, Aecon Group, stated:
"We are very pleased to have finalized the sale of our interest in the Quito International Airport project and thank all of our partners for their collaborative efforts. This landmark public-private partnership is of particular pride for Aecon and illustrates our successful work on large-scale, turnkey projects."
Together with its partners, Aecon developed and financed the airport and holds a 45.5% stake in Quiport, the airport concessionaire. Aecon built the airport as part of a 50/50 joint venture engineer/procure/construct contract with Andrade Gutierrez Constructores, a construction company based in Brazil.
UBS Investment Bank served as exclusive financial advisor to Aecon on the transaction.