abertis a conclu aujourd'hui l'acquisition de 100 % de Desarrollo de Concesiones Aeroportuarias (DCA) d'ACS, une holding avec des intérêts dans 15 aéroports au Mexique, en Jamaïque, au Chili et en Colombie. La transaction a été signée une fois obtenues toutes les autorisations nécessaires des différentes autorités et institutions financières. Le montant de cette transaction s'élève à 273 millions d'euros dont 229,2 millions d'euros correspondent à l'achat d'actions et 44 millions d'euros correspondent à la subrogation de la dette de DCA avec ACS.
La transaction, pour laquelle Morgan Stanley a publié un avis d'équité (fairness report), a été menée par 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.
Solid and diversified airport portfolio
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 E297Mn with an EBITDA of E180Mn. DCA's contribution to these figures was E41Mn of revenues and EBITDA of E17Mn.
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.
Decisive role in Grupo Aeroportuario del Pacífico (GAP)
In Mexico, DCA is one of three shareholders -with a 33.33% stake- in Aeropuertos Mexicanos del Pacífico (AMP), along with Aena Internacional - abertis' partner in TBI - and Mexican company CMA. AMP is in turn the main shareholder and strategic partner of Grupo Aeroportuario del Pacífico (GAP) with a 17% stake (the remaining 83% is listed on the Mexico and New York stock exchanges) and has in place a management contract with GAP giving it special rights, such as appointing certain members of the management TEAM −amongst these are the Managing Director − and four seats on the Board of Directors (out of a total of 11).
GAP operates the concessions at 12 airports in the Pacific and central Mexico, including six of the country's busiest airports, namely Guadalajara (7.3 million passengers a year), Tijuana (4.7 million), Puerto Vallarta (3.1 million), Los Cabos (2.9 million), Hermosillo (1.3 million), Bajío (1.3 million) and a further six airports (Mexicali, Los Mochis, La Paz, Manzanillo, Aguascalientes and Morelia) which together handle another nearly 3 million passengers a year.
Jamaica and Santiago de Chile
In Jamaica, DCA is the main shareholder of MBJ Airports Ltd., a consortium comprising DCA with a 74.5% stake and YVRAS with 25.5%. MBJ holds the concession to operate and expand the Sangster International Airport for 30 years. The airport is situated in one of Jamaica's main tourist areas and handled 3.5 million passengers in 2007. Sangster International, which is noted for its high growth potential given its privileged location, is in an area of the Caribbean which is currently enjoying rapid expansion.
DCA also holds a 14.77% stake in SCL, which has managed the concession at the Santiago de Chile airport since 1999 in conjunction with Agunsa (47.02%), FCC (14.77%), Sabco (13.43%) and YVRAS (10%). Santiago's airport is the country's main access point and one of the most modern in the region. In 2007 it handled a total of 7.8 million passengers, although its facilities are able to manage traffic of more than 12 million passengers a year.
Desarrollo de Concesiones Aeroportuarias is also one of the three shareholders of Aerocali which has the concession to manage the Cali airport until 2020. Coficolombia (33.33%) and Aena Internacional (33.33%) are the other shareholders. The airport handled 2.5 million passengers in 2007, largely domestic traffic, although it is developing international traffic.
Worldwide airports network
DCA's airport portfolio complements the network managed by TBI -a company acquired by abertis (90%) and Aena Internacional (10%) in 2005. With this transaction, abertis will be present in 31 airports in nine countries, with more than 80 million passengers a year.
TBI's network currently comprises eight international airports. Three are in the UK (London Luton, Cardiff International and Belfast International), one in Sweden (Stockholm Skavsta), three in Bolivia (La Paz, Santa Cruz and Cochabamba) and one in the US (Orlando Sanford).
It also has management contracts with governments or local authorities at five other US airports (Atlanta, Burbank, Middle Regional Georgia, Herbert Smart Downtown and Raleigh-Durham International Airport) and provides consultancy services via a consortium based in Miami, Florida.
Directly, abertis airports manages, via the operator, Codad, the two airport runways at the El Dorado airport in Bogotá (Colombia), and provides consultancy services at the Castellón airport in Spain.
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