Copenhagen Airports A/S (“CPH”) today signed an agreement to sell its 49% aggregate interest in the Mexican airport company Inversiones y Técnicas Aeroportuarias, S.A. de C.V. ("ITA") to CPH’s local Mexican business partner, Fernando Chico Pardo.
The proposed transfer
Since 1999, CPH has been a shareholder in ITA and currently holds 49% of the share capital. Fernando Chico Pardo currently holds 51%.
The sale is inter alia conditional upon:
- approval by the Mexican Ministry of Communications and Transport;
- approval by the Mexican competition authorities
The sale will therefore not be recognised in the financial statements until after regulatory approval, expected in Q3 2010.
If the sale is completed, CPH will no longer hold any interest in ITA and will no longer have an agreement to act as Key Airport Partner in ITA, whereas the current Technical Service Agreement will be continued in 2010, so the effect on profit in 2010 will be in line with the forecast.
The expected effect on profit before tax is up to DKK 400 million.
In its capacity as strategic partner of Grupo Aeropuertos del Sureste, S.A.B. de C.V. (“ASUR”), ITA practises active ownership through a shareholders’ agreement and a consulting agreement. The agreement covers consulting services in all important business areas in ASUR.
About Fernando Chico Pardo
Fernando Chico Pardo is the Chairman and acting CEO of ASUR. Fernando Chico Pardo is the founder and CEO of Promecap, S.C. and a board member of a number of companies.