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, as well as a JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport in San Juan and the Public Sector Pension Investment Board ("PSP Investments"), one of Canada's largest pension investment managers, today announced their collective acquisition of a 50% interest in Aerostar Airport Holdings LLC ("Aerostar"). They acquired the interest from funds managed by Oaktree Capital Management, L.P. ("Oaktree"). Aerostar has been the operator of the Luis Muñoz Marín International Airport in San Juan, Puerto Rico ("San Juan Airport") since February 27, 2013.
ASUR, already a 50% shareholder in Aerostar, acquired an additional 10%, consolidating its total interest to 60%, while PSP Investments acquired a 40% interest in Aerostar. This represents a combined investment of US$430 million. This transaction has received all required regulatory approvals.
Following the finalizing of the acquisition, ASUR expects to consolidate Aerostar's results into its financial statements.
"We are extremely pleased to increase our participation in San Juan Airport," said Adolfo Castro Rivas, Chief Executive Officer of ASUR. "ASUR is committed to continuing to offer world-class service to all of its customers. We look forward to working closely with AviAlliance to provide further enhancements to operations and customer service, to benefit LLM´s passengers for the long term."
"This acquisition is an excellent fit with PSP Investments' long-term investment philosophy and leverages the capabilities of AviAlliance, our airport platform," said Patrick Charbonneau, Managing Director, Infrastructure Investments, PSP Investments. "We look forward to complementing ASUR's expertise with that of AviAlliance, to develop a constructive and lasting partnership dedicated to delivering best-in-class operations at San Juan Airport."
"Our goal is to strengthen the operational quality and service level of the San Juan Airport, further supporting the continued economic development and potential of the San Juan area," said Holger Linkweiler, Managing Director, AviAlliance.