Aecon sells 45.5% stake in Quito Airport for $232.6m

9 June 2015 (Last Updated June 9th, 2015 18:30)

Canada-based construction and infrastructure company Aecon Group is selling its 45.5% stake in Ecuador’s Quito International Airport concessionaire, Corporaciσn Quiport, for $232.6m.

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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.

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.

Aecon 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.