Aena Considering Divestiture of its Stake in 12 Mexican Airports

Aena is working with Bank of America Securities to divest its 33.4% stake in Aeropuertos Mexicanos del Pacífico, which operates 12 airports in Mexico through Grupo Aeroportuario del Pacífico (GAP), according to the Spanish newspaper El Economista based on information from Mergermarket, specialized in mergers and acquisitions.

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The information indicates that Aena has already received non-binding offers for its stake in the Mexican company, but a second round is expected, which could take several more months, considering the review of the tariff proposal in Mexico as one of the key points.

The company nevertheless indicated that «as the world’s leading airport operator, Aena constantly and rigorously analyzes its international assets to ensure maximum value for its shareholders.»

GAP has been operating 12 Mexican airports since 1998, 5 of which were among the top 10 in passenger traffic in the country in 2023:

• Guadalajara: 17.72 million passengers (3rd in the country)
• Tijuana: 13.2 million passengers (5th in the country)
• Los Cabos: 7.73 million passengers (6th in the country)
• Puerto Vallarta: 6.79 million passengers (7th in the country)
• Guanajuato: 3.23 million passengers (9th in the country)
• Hermosillo: 2.22 million passengers
• Mexicali: 1.6 million passengers
• Morelia: 1.39 million passengers
• La Paz: 1.11 million passengers
• Aguascalientes: 929 thousand passengers
• Los Mochis: 474 thousand passengers

Through other companies, it also participates in the airports of Montego Bay and Kingston in Jamaica, which handled 5.2 and 1.7 million passengers in 2023 respectively.

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In financial terms, in 2023 GAP had revenues of 25.4 billion Mexican pesos (~USD 1.3 billion), with profits of 9.7 billion (~USD 498 million).

During the second quarter of this year, the group recorded a decrease in both passenger traffic (-3.9%) and revenues (-13.2%), mainly related to the grounding of the A320neo fleet affecting Mexican airlines due to Pratt & Whitney engine inspections.

Aena has been considering changes to its global airport portfolio this year with the intention of entering Edinburgh Airport and the AGS group (Aberdeen and Glasgow airports). The international subsidiary also manages 12 airports in Brazil (including Sao Paulo-Congonhas and Recife) and London-Luton Airport and holds a stake in Cali Airport.