Mexico’s Grupo Aeroportuario del Sureste (ASUR) has completed its acquisition of URW Airports, a retail developer and operator of multiple terminals at New York JFK, Chicago O’Hare, and LAX airports.
The all-stock transaction, which was completed by a US subsidiary of ASUR, had an enterprise value of $295 million.
Under the agreement, ASUR US Commercial Airports acquired all of the issued and outstanding equity interest of URW Airports from Unibail-Rodamco-Westfield's wholly-owned subsidiary, Westfield Development.
The acquired entity will be called ASUR Airports.
“This acquisition marks ASUR's strategic expansion of its US airport retail concessions operations, expanding its footprint and enhancing its commercial capabilities,” the company said.
ASUR Airports will now manage select commercial programmes at key US airport terminals, including:
- Terminals 1, 2, 3, 6, and Tom Bradley International Terminal and Tom Bradley International Terminal West at Los Angeles International Airport;
- Terminal 5 at Chicago O'Hare International Airport; and
- Terminals 8 and New Terminal One at New York John F. Kennedy International Airport.
ASUR is a major international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the Americas.
These comprise nine airports in southeast Mexico, including Cancun Airport, the country’s busiest tourist entry point, and six airports in northern Colombia, including José María Córdova International Airport in Medellin, the country’s second-busiest airport.
ASUR is also a 60% joint venture partner in Aerostar Airport Holdings, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan.
San Juan's Airport is the island's primary gateway for international and mainland US destinations, and was the first and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program.
Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the New York Stock Exchange, where it trades under the symbol ASR.