Canada-based construction and infrastructure company Aecon Group is selling its 45.5% stake in Ecuador’s Quito International Airport concessionaire, Corporacisn Quiport, for $232.6m.
Aecon has signed agreements with Colombian construction company Grupo Odinsa, and Brazilian infrastructure concession company CCR for the transaction, which is expected to generate approximately $195m in net cash proceeds and a pre-tax accounting gain of around $14m.
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Aecon Group president Teri McKibbon said: "The monetisation of this asset is a testament to the value proposition of the Quito International Airport project and to the value of our select participation in such public-private partnership projects both domestically and internationally."
Constructed by Aecon as part of a 50-50 joint venture with Brazil-based construction company Andrade Gutierrez Constructores, the airport opened in February 2013.
The two companies jointly owned 93% of the shares in Quiport.
Located about 18km east of Quito, the airport, is considered to be the busiest in Ecuador and also one of the busiest in South America.
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By GlobalDataAecon Group executive chairman John Beck said: "This project has an incredible history both as a landmark public-private partnership in Ecuador, and a remarkable greenfield airport built on a mountain plateau."
According to Aecon, the airport has the longest runway in Latin America at 4,100m, the most technologically-advanced air traffic control system, and spacious terminal buildings to serve more than five million passengers annually.
Subject to anti-trust, lender and other third-party approvals, the transaction is expected to close in the second half of this year.
UBS Investment Bank acted as Aecon’s exclusive financial advisor on the transaction.
Image: Aecon had constructed the airport in a 50-50 joint venture with Andrade Gutierrez Constructores. Photo: courtesy of Corporación Quiport.
