Mexico's Grupo Aeroportuario del Sureste (ASUR) announced (22-Jun-2010) Copenhagen Airports A/S (CPH) entered into an agreement to divest its 49% interest in ITA to Fernando Chico Pardo, CPH’s Mexican business partner. The divestment is conditional on regulatory approvals and is consistent with CPH’s strategy of seeking to realise attractive values for its non-core assets. CPH expects to recognise a profit before tax on the divestment of up to USD66 million. [more] MAp welcomed the announcement. [more]
Copenhagen Airports to sell interest in ASUR’s strategic partner
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The message of tolerance and of borderless air travel featured in the ad is against a backdrop of the ever-growing US-Mexico air travel market, which is strategic for US and Mexican airlines alike. More than anything, Aeromexico has to make moves to preserve business in one of its most lucrative and strategic markets.
Private investment in airport infrastructure is popular again: the growing importance of the PPP
Privatisation of airports, or at the very least their corporatisation into independent business units that behave along business lines, has again become fashionable. This follows a dip in transactions and prices during the period of the global financial downturn from 2008-2012. Money is now easier to obtain and air transport infrastructure is popular with investors as it typically has a long term cycle attached to it, usually quite the opposite of the airlines that use it.
For now at least traffic figures are rising and airport EBITDAs with them, along with the earnings multiples when they are sold. What is more, the activity is across the board - in PPPs, BOTs, trade sales, even IPOs.
Meanwhile, for the airlines, this is the first time for decades that they are not caught up in a fight for survival. And on the other side, many countries are facing low levels of economic growth where infrastructure funding, while vital, is not possible out of the public purse.