Mexican airport operator Grupo Aeroportuario del Sureste (ASUR) and Canadian pension investment management company Public Sector Pension Investment Board (PSP Investments) have collaborated to acquire 50% interest in Aerostar Airport.
The two companies have jointly invested $430m to complete the acquisition of Aerostar Airport, which has been operating and managing Puerto Rico's Luis Muñoz Marín International Airport, also known as San Juan Airport, since 27 February 2013.
ASUR is the first privatised airport group in Mexico and currently operates Cancun Airport, as well as eight other airports in southeast region of North America.
ASUR and PSP purchased the interests from funds managed by asset management company Oaktree Capital Management.
A subsidiary of PSP Investments previously acquired airport management company HOCHTIEF AirPort in 2013, which is now operating under the name AviAlliance.
PSP Investments Infrastructure Investments managing director Patrick Charbonneau said: “This acquisition is an excellent fit with PSP Investments' long-term investment philosophy and leverages the capabilities of AviAlliance, our airport platform.
“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.”
ASUR was previously a 50% shareholder in Aerostar Airport and has purchased another 10% interest in the company with this new deal, thereby consolidating its total interest to 60%. PSP Investments has acquired a 40% stake in Aerostar.
AviAlliance managing director Holger Linkweiler said: “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.”
The acquisition transaction has obtained all required regulatory approvals.
ASUR intends to consolidate Aerostar Airport's results into its financial statements upon finalising the agreement.