Mexico to Sell Off Airport Operator

Mexican officials said last week the country will sell its 48 percent stake in airport operator Grupo Aeroportuario del Centro Norte via a global initial public offering that could rise up to $345 million.

The sale will end the privatization of the operator of 13 airports in northern and central Mexico, including the one serving Monterrey, the country’s third-largest city.

The company, known as both GACN and OMA, will be the third airport operating group the government has sold off. In February, it sold its 85 percent stake of Grupo Aeroportuario del Pacifico (GAP), raising $1 billion.

GAP, with a dozen airports including those serving the cities of Guadalajara and Tijuana, joined airport operator Asur, which administers nine terminals in southern Mexico.

The offer size is expected to be between $300 million and $345 million excluding an over-allotment option. Underwriters have an option to purchase 25 million additional Series-B shares, or 15 percent of the amount being offered.

ICA, Mexico’s largest construction company, has a 47.7 percent stake in OMA. Aeroports de Paris, the second largest European airports operator, is also a strategic partner.

OMA also serves the tourist resorts of Acapulco, Mazatlan and Zihuatanejo. The company employs 900 people. OMA will not receive any proceeds from the sale of the government-held shares.