Dimanche, 20 Avril 2014
abertis today completed its purchase from ACS of 100% of Desarrollo de Concesiones Aeroportuarias (DCA), a holding company with stakes in 15 airports in Mexico, Jamaica, Chile and Colombia. The transaction went ahead after the company received all of the required approvals from the relevant regulators and financial institutions, and amounts to a total of €273Mn, of which €229.2Mn was used to buy shares and €44Mn was used to cancel DCA’s debt to ACS.
The transaction, for which Morgan Stanley published an independent technical report, or fairness opinion, was carried out through abertis airports.
This transaction bolsters abertis’ position in the airport business, which it runs via the TBI group as an operating unit within abertis airports. The transaction means that abertis now holds stakes in 31 airports in nine countries, where it handles more than 80 million passengers per year. With the acquisition of DCA, abertis becomes one of the largest airport operators in the world, with a strong position in Europe and America.
Airports in which DCA holds stakes handled more than 37 million passengers in 2007. In recent years the airport portfolio has enjoyed significant growth with stable margins, predictable cash flows and high EBITDA margins, giving it attractive long-term yields.
In 2007, the 15 airports in DCA’s portfolio posted aggregate revenues of €297Mn with an EBITDA of €180Mn. DCA’s contribution to these figures was €41Mn of revenues and EBITDA of €17Mn.
Traffic at DCA’s airports, highlights of which were Guadalajara and Tijuana airports in Mexico, is expected to rise significantly in coming years. This is also the case of Montego Bay (Jamaica), Los Cabos and Puerto Vallarta (Mexico) airports thanks to their privileged geographical location in tourist areas enjoying growth.
Meanwhile, concessions in DCA’s airport portfolio have a high average life facilitating development at these locations.
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