ASUR, Highstar Capital Win Bid To Be Private Operator Of Luiz Munoz Marin Airport In San Juan, Puerto Rico
MEXICO CITY, July 19, 2012 /PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR), (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, today announced that the Puerto Rico Public-Private Partnership Committee declared Aerostar Airport Holdings the winner of a public bidding process to become the private operators of the Luis Munoz Marin international airport in San Juan, Puerto Rico (LMM Airport). Aerostar Airport Holdings is a limited liability company owned 50% by each of ASUR (through its Cancun Airport subsidiary) and Highstar Capital IV.
Aerostar is expected to enter into a 40-year lease agreement for the airport with the Puerto Rico Ports Authority. Pursuant to the terms of its bid, Aerostar Airport Holdings will make an upfront payment of approximately $615 million to the Puerto Rico Ports Authority. This payment is expected to be funded by a combination of financing and equity contributions on a 50-50 basis from each of ASUR and Highstar Capital IV. The closing of the lease remains subject to a number of conditions precedent, including the award of a Part 139 operating certificate by the Federal Aviation Authority (FAA). ASUR is currently evaluating the accounting treatment of its investment in Aerostar.
ASUR is the largest private airport group in Mexico, operating 9 airports including Cancun, which for the past three years has been named the winner of the best airport in Latinamerica and the second best airport in the world by the International Airports Council. Highstar Capital is an independently owned and operated private equity firm with an operationally focused, value-added strategy. Based in New York, the firm was founded in 1998 and currently manages more than $5.6 billion on behalf of its managed funds and co-investment vehicles in a diversified portfolio of energy, transportation and environmental/waste management assets and businesses.
LMM Airport handles over 8.5 million passengers per year and is served by over 14 airlines. LMM airport generates over 8,000 direct and indirect jobs and recently opened the newly-constructed Terminal A, which is currently served by Jetblue.
Aerostar Airport Holdings is honored to have been selected by the authority and intends to transform LMM into a world-class airport through a capital investment program of over $1.4 billion during the term of the lease, while working with the airport community and airlines to better serve passengers. The Puerto Rico government has indicated that it estimates that it will receive over $2.6 billion in revenues and other benefits from the PPP transaction over the term of the lease. Aerostar also expects that its management of the LMM Airport will help facilitate economic growth in Puerto Rico and make it a top choice for tourists travelling to the Caribbean region.
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the southeast of Mexico. The Company is listed both on the NYSE in the U.S., where it trades under the symbol ASR, and on the Mexican Bolsa, where it trades under the symbol ASUR. One ADS represents ten (10) series B shares.
Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR's filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.
SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.